Additions
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 08/2011 |  | Ingólfur Þórarinsson | FW |  | Víkingur Reykjavík | Víkingur |
| 07/2011 |  | Peter Klancar | DF | |||
| 05/2011 |  | Sene Abdalha | FW | |||
| 03/2011 | | Ibrahima N'Diaye | MF | |||
| 03/2011 | | Babacar Sarr | MF | |||
| 03/2011 | | Sidy Sow | MF | |||
| 01/2011 |  | Endre Brenne | DF |  | Os TF | Os TF |
| 01/2011 | | Auðun Helgason | DF |  | UMF Grindavík | Grindavík |
| 01/2011 | | Ivar Skjerve | DF | |||
| 01/2011 |  | Joe Tillen | MF |  | Fram Reykjavík | Fram |
| 01/2011 | | Logi Ólafsson | MA |
Departures
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 07/2011 | | Ingvi Rafn Óskarsson | MF |  | Árborg | Árborg |
| 05/2011 | | Óskar Guðjónsson | DF | | Árborg | Árborg |
| 01/2011 | | Gunnar Borgþórsson | MF |  | Valur Reykjavik | Valur |
| 01/2011 | | Guðmundur Þórarinsson | MF |  | ÍB Vestmannaeyjar | ÍBV |
| 01/2011 | | Viktor Unnar Illugason | FW |  | Breiðablik | Breiðablik |
| 01/2011 | | Ingólfur Þórarinsson | FW | | Víkingur Reykjavík | Víkingur |