The financial terms of the deal were not disclosed, but according to Mike Brehm of USA Today, Poulin will make $650,000 if he plays for the Islanders and $175,000 at the AHL level. $275,000 of the contract is guaranteed.
The 24-year-old made $577,500 last season in the NHL and $65,000 with the Bridgeport Sound Tigers.
In 28 games for the Islanders last season, Poulin posted a 11-16-1 record, with a .891 save percentage and a 3.29 goals-against-average.
Last season the Islanders played a combination of Evgeni Nabokov, Poulin and Anders Nilsson, who had the third-highest goals-against average in the league last season.
The Islanders selected Poulin in the fifth round of the 2008 NHL Draft.
Get expert analysis, unrivaled access, and the award-winning storytelling only SI can provide - from Peter King, Tom Verducci, Lee Jenkins, Seth Davis, and more - delivered straight to you, along with up-to-the-minute news and live scores.