Additions
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 10/2011 |  | Loic Mbang Ondo | MF |  | BÍ/Bolungarvík | BÍ/Bolungarvík |
| 09/2011 |  | Daníel Grétarsson | MF | |||
| 09/2011 | | Hákon Ólafsson | MF | |||
| 08/2011 | | Jósef Kristinn Jósefsson | DF | |||
| 07/2011 |  | Derek Young | MF | |||
| 07/2011 | | Haukur Guðnason | FW |  | Keflavík ÍF | Keflavík |
| 07/2011 | | Elías Stefnisson | GK |  | KFS Vestmannaeyjar | KFS |
| 05/2011 | | Robbie Winters | FW | |||
| 04/2011 |  | Jack Giddens | GK | |||
| 04/2011 | | Bogi Rafn Einarsson | MF |  | UMF Njarðvík | UMF Njarðvík |
| 03/2011 |  | Yacine Si Salem | FW | |||
| 03/2011 |  | Michal Pospíšil | FW | |||
| 01/2011 | | Ármann Harðarson | GK |  | GG Grindavík | GG Grindavík |
| 01/2011 | | Jamie McCunnie | DF |  | Haukar Hafnarfjörður | Haukar |
| 01/2011 | | Einar Helgi Helgason | MF | | UMF Njarðvík | UMF Njarðvík |
| 01/2011 | | Ian Paul McShane | MF | | Keflavík ÍF | Keflavík |
| 01/2011 | | Magnús Björgvinsson | FW | | Haukar Hafnarfjörður | Haukar |
| 01/2011 | | Helgi Bogason | AS-CO |
Departures
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 09/2011 | | Robbie Winters | FW |  | Alloa Athletic | Alloa Ath. |
| 08/2011 | | Gunnar Þorsteinsson | MF |  | Ipswich Town (R) | Ipswich Town (R) |
| 07/2011 | | Einar Helgi Helgason | MF | | UMF Njarðvík | UMF Njarðvík |
| 06/2011 | | Emil Símonarson | FW |  | Stryn | Stryn |
| 03/2011 | | Marko Stefánsson | MF |  | Oskarshamns AIK | Oskarshamns AIK |
| 02/2011 | | Jósef Kristinn Jósefsson | DF |  | PSFC Chernomorets | PSFC Chernomorets |
| 02/2011 | | Loic Mbang Ondo | MF | | BÍ/Bolungarvík | BÍ/Bolungarvík |
| 01/2011 | | Rúnar Daníelsson | GK |  | Víðir Garður | Víðir Garður |
| 01/2011 | | Auðun Helgason | DF |  | UMF Selfoss | Selfoss |
| 01/2011 | | Grétar Hjartarson | FW | | Keflavík ÍF | Keflavík |
| 01/2011 |  | Gjorgi Manevski | FW |  | FK Gorno Lisiče | FK Gorno Lisiče |
| 01/2011 |  | Gilles Mbang Ondo | FW |  | Stabæk IF | Stabæk |