The center confirmed on Tuesday that he had reached agreement with the team but said in a text message to ESPN.com's Pierre LeBrun that details of the contract were still being finalized. Islanders general manager Garth Snow confirmed the agreement.
Battling shoulder injuries last season, Weight had one goal and 16 assists in 36 games.
The four-time All-Star has 276 goals and 748 assists in his career with the Rangers, Oilers, Blues, Hurricanes, Ducks and Islanders. He will turn 40 in January of next season.
The Isles went 34-37-11 last season and missed the playoffs. That was an improvement over the 26-47-9 totals from the year before. New York has not made the playoffs since 2006-07.
Pierre LeBrun covers the NHL for ESPN.com.