The Sharks will receive a fourth-round selection in 2015 if Boyle, scheduled to be an unrestricted free agent on July 1, signs with the Islanders. If not, the choice will be a fifth-rounder.
Boyle led all San Jose defenseman in points (36) and goals (12) over 75 games this past season.
The 37-year-old blueliner has posted 144 goals and 417 assists over 954 career regular-season games with the Florida Panthers, Tampa Bay Lightning and Sharks.
Boyle, a two-time All-Star, has also tallied 14 goals and 56 assists in 107 playoff games during his 15-year career.