DiPietro had eight years remaining on his 15-year, $67.5 million contract. The Islanders will have to pay DiPietro $1.5 million annually for the next 16 years.
DiPietro had to clear unconditional waivers before he was bought out. He will become an unrestricted free agent at noon ET on Friday.
"It was an extremely tough decision to use the compliance buyout on Rick's contract," Islanders general manager Garth Snow said. "His drive to win games and compete at the highest level for the New York Islanders was never questioned. With Rick back at 100-percent health, we wish him nothing but the best as he continues to pursue his career."
DiPietro, 31, played three games for the Islanders in 2012-13, going 0-3-0 with 4.09 goals-against average and .855 save percentage. He spent most of the season with the team's American Hockey League affiliate, the Bridgeport Sound Tigers.
DiPietro, 31, had an injury-riddled career with the Islanders after they selected him with the No. 1 pick in the 2000 NHL Draft. He leaves the organization second behind Billy Smith on its list for most games played by a goalie at 318. He went 130-136-28, with eight ties, in 12 seasons. However, injuries and poor play limited him to 50 games the past five seasons.
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