Additions
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 05/2011 |  | Víkingur Pálmason | MF |  | Þór Akureyri | Þór |
| 05/2011 | | Ingimar Hlynsson | MF |  | FH Hafnarfjörður | FH |
| 05/2011 | | Andri Freyr Sveinsson | MF |  | Fram Reykjavík | Fram |
| 04/2011 | | Trausti Þórðarson | MF | | Þór Akureyri | Þór |
| 01/2011 | | Ragnar Hauksson | FW |  | Dalvík/Reynir | Dalvík/Reynir |
Departures
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 10/2011 | | Víkingur Pálmason | MF | | Þór Akureyri | Þór |
| 07/2011 | | Ragnar Hauksson | FW | | Þór Akureyri | Þór |
| 01/2011 | | Eiríkur Ingi Magnússon | DF |  | KF Fjallabyggðar | KF |
| 01/2011 | | Kristján Vilhjálmsson | DF | | KF Fjallabyggðar | KF |
| 01/2011 | | Ingimar Hlynsson | MF | | FH Hafnarfjörður | FH |
| 01/2011 | | Andri Freyr Sveinsson | MF | | Fram Reykjavík | Fram |
| 01/2011 | | Þórður Birgisson | FW | | KF Fjallabyggðar | KF |
| 01/2011 | | Hörður Már Magnússon | FW |  | Carl | Carl |