Additions
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 07/2011 |  | Pétur Markan | FW |  | Víkingur Reykjavík | Víkingur |
| 05/2011 | | Bjarki Pétursson | GK |  | KH Hlídarendi | KH Hlídarendi |
| 05/2011 |  | Tomi Ameobi | FW |  | Whitley Bay | Whitley Bay |
| 05/2011 | | Nick Deverdics | MF |  | Blyth Spartans | Blyth Spart. |
| 05/2011 | | Michael Abnett | MF |  | Lewes FC | Lewes FC |
| 03/2011 |  | Zoran Stamenic | DF | |||
| 03/2011 |  | Colin Marshall | MF | |||
| 02/2011 |  | Loic Mbang Ondo | MF |  | UMF Grindavík | Grindavík |
| 01/2011 | | Þórður Ingason | GK |  | KR Reykjavík | KR |
| 01/2011 | | Atli Guðjónsson | DF |  | ÍR Reykjavík | ÍR |
| 01/2011 | | Sölvi Gylfason | MF |  | UMF Skallagrímur | UMF Skallagrímur |
| 01/2011 | | Nikulás Jónsson | MF | |||
| 01/2011 | | Axel Sveinsson | MF | |||
| 01/2011 | | Alexander Þórarinsson | MF |  | Fram Reykjavík | Fram |
| 01/2011 | | Guðjón Þórðarson | MA |
Departures
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 10/2011 | | Loic Mbang Ondo | MF | | UMF Grindavík | Grindavík |
| 10/2011 | | Pétur Markan | FW | | Víkingur Reykjavík | Víkingur |
| 08/2011 | | Colin Marshall | MF | | Víkingur Reykjavík | Víkingur |
| 07/2011 | | Jónmundur Grétarsson | MF |  | Grótta | Grótta |
| 05/2011 | | Pétur Svavarsson | FW |  | Höfrungur | Höfrungur |
| 01/2011 | | Róbert Óskarsson | GK | | Víkingur Reykjavík | Víkingur |
| 01/2011 | | Gunnlaugur Jónasson | DF | | Höfrungur | Höfrungur |
| 01/2011 | | Alfreð Jóhannsson | MF |  | Ægir | Ægir |
| 01/2011 | | Emil Pálsson | MF |  | FH Hafnarfjörður | FH |
| 01/2011 | | Andri Sigurjónsson | FW |  | KF Garðabæjar | KF Garðabæjar |