The club intends to send DiPietro to Bridgeport of the American Hockey League if he clears waivers, according to a report in Newsday.
DiPietro, 31, signed a 15-year contract with the Islanders before the start of the 2006-07 season. He has eight more years remaining on the deal, which pays him $4.5 million annually.
The goalie has battled injuries since signing the contract, but was healthy this season, serving as a backup to Evgeni Nabokov. He is 0-3 this season with a 4.09 goals-against average and .855 save percentage.
The first pick of the 2000 NHL Draft, DiPietro is 130-136-8 in his career, with a 2.87 GAA and .902 save percentage in 318 National Hockey League games.