Additions
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 06/1997 |  | Björgvin Magnússon | FW |  | Atlas Delmenhorst | Atlas |
| 05/1997 | | Baldur Bragason | MF |  | Lyngby BK | Lyngby BK |
| 01/1997 |  | Hajrudin Čardaklija | GK |  | Breiðablik | Breiðablik |
| 01/1997 | | Þorvaldur Þorsteinsson | GK | |||
| 01/1997 | | Albert Arason | MF | |||
| 01/1997 | | Davíð Garðarsson | MF |  | Þór Akureyri | Þór |
| 01/1997 | | Arnar Grétarsson | MF |  | Rangers FC | Rangers FC |
| 01/1997 | | Finnur Kolbeinsson | MF |  | Fylkir Reykjavík | Fylkir |
| 01/1997 | | Andri Marteinsson | MF | | Fylkir Reykjavík | Fylkir |
| 01/1997 | | Hörður Már Magnússon | FW |  | Valur Reykjavík | Valur |
| 01/1997 | | Þorvaldur Sigbjörnsson | FW |  | KA Akureyri | KA |
| 01/1997 | | Kristinn Björnsson | MA |
Departures
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 01/1997 | | Atli Knútsson | GK | | Breiðablik | Breiðablik |
| 01/1997 | | Sverrir Sverrisson | MF |  | ÍB Vestmannaeyjar | ÍBV |
| 11/1996 | | Baldur Bragason | MF | | Lyngby BK | Lyngby BK |