Additions
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 09/2006 |  | Magni Fannberg Magnússon | MA | |||
| 09/2006 | | Milan Jankovic | MA | |||
| 07/2006 |  | Kofi Dakinah | DF | |||
| 05/2006 |  | Colin Stewart | GK |  | Partick Thistle | Partick Thistle |
| 05/2006 | | David Hannah | MF |  | Brechin City FC | Brechin City FC |
| 01/2006 | | Þorfinnur Gunnlaugsson | DF | |||
| 01/2006 | | Vilmundur Jónasson | DF | |||
| 01/2006 | | Michael Jónsson | DF |  | UMF Njarðvík | UMF Njarðvík |
| 01/2006 | | Jósef Kristinn Jósefsson | DF | |||
| 01/2006 | | Kristján Valdimarsson | DF |  | Fylkir Reykjavík | Fylkir |
| 01/2006 | | Andri Birgisson | MF |  | Víkingur Reykjavík | Víkingur |
| 01/2006 | | Bogi Rafn Einarsson | MF | |||
| 01/2006 | | Jóhann Helgason | MF |  | KA Akureyri | KA |
| 01/2006 | | Guðmundur Steinþórsson | MF |  | HK Kópavogur | HK |
| 01/2006 | | Jóhann Þórhallsson | FW | | KA Akureyri | KA |
| 01/2006 | | Siggi Jónsson | MA | | Víkingur Reykjavík | Víkingur |
Departures
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 10/2006 | | David Hannah | MF |  | Cowdenbeath FC | Cowdenbeath FC |
| 08/2006 | | Colin Stewart | GK |  | Livingston FC | Livingston |
| 06/2006 |  | Siniša Kekić | MF |  | Þróttur Reykjavík | Þróttur |
| 06/2006 | | Scott Ramsey | MF |  | Víðir Garður | Víðir Garður |
| 05/2006 | | Þorfinnur Gunnlaugsson | DF |  | GG Grindavík | GG Grindavík |
| 05/2006 | | Páll Guðmundsson | MF | | GG Grindavík | GG Grindavík |
| 01/2006 | | Viktor Sigurjónsson | | GG Grindavík | GG Grindavík | |
| 01/2006 | | Boban Savič | GK |  | NK Bela Krajina | NK Bela Krajina |
| 01/2006 | | Andri Albertsson | DF |  | KF Fjarðabyggðar | Fjarðabyggð |
| 01/2006 |  | Mathias Jack | DF |  | SV Meppen | SV Meppen |
| 01/2006 | | Alfreð Jóhannsson | MF | | GG Grindavík | GG Grindavík |
| 01/2006 | | Robert Niestroj | MF |  | Preußen Münster | Pr. Münster |
| 01/2006 | | Leifur Guðjónsson | FW | | GG Grindavík | GG Grindavík |
| 01/2006 | | Sveinn Steingrímsson | FW | | UMF Njarðvík | UMF Njarðvík |
| 01/2006 | | Magnús Þorsteinsson | FW |  | Keflavík ÍF | Keflavík |