The 31-year-old goalie went 20-19-9 with a 2.87 goals-against average, a .909 save percentage and two shutouts in 49 starts with the Colorado Avalanche last season. He did not play in the Stanley Cup Playoffs.
"We had some different options in free agency," Varlamov said. "But we really worked hard this morning with (general manager) Lou Lamoriello] and then my agent to get this deal done. I'm very happy we were able to get it done and sign a new deal with the Islanders. I'm very excited about it."
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Selected by the Washington Capitals with the No. 23 pick in the 2006 NHL Draft, Varlamov is 213-169-50 with a 2.68 GAA, a .916 save percentage and 25 shutouts in 448 games (431 starts) with the Capitals and Avalanche. He is 13-13 with a 2.57 GAA, a .915 save percentage and two shutouts in 26 NHL playoff games.
"To be honest, I tried to trade for Varlamov last year when I first came here," Lamoriello said. "I've followed his career from when he was drafted. I remember how he was as a prospect and what his athleticism and ability is. In my opinion, our goaltending staff here (director Mitch Korn and coach Piero Greco) is second to none, and I rely on their expertise more than my own and they are extremely high on him and have been high on him and certainly endorsed the direction we took."
Varlamov was the runner-up for the Vezina Trophy as best goalie in the NHL and fourth in Hart Trophy voting for NHL MVP in 2013-14, when he went 41-14-6 with a 2.41 GAA, a .927 save percentage and two shutouts for Colorado.
He will share the net with Thomas Greiss, who started 39 games for New York last season, four fewer than Vezina finalist Robin Lehner, a free agent who left the Islanders for a one-year, $5 million contract with the Chicago Blackhawks.
"Our goal is to help this team win the Stanley Cup one day," Varlamov said. "I'm sure me and Greiss are going to have a great time working together."
NHL.com deputy managing editor Brian Compton contributed to this report
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