Parenteau is set to become an unrestricted free agent July 1, and with a career-high 67 points this season, the 29-year-old winger is in line for a significant pay raise from the $1.25 million he made this year.
"Now that the New York Islanders season is over, we are looking forward to start negotiations with the club," Parenteau's agent, Allan Walsh, said in a text message to ESPNNewYork.com
Throughout the season, Parenteau had expressed his desire to remain with the Islanders, but negotiations were tabled right before the trade deadline, with the team still hoping to squeak into the playoff picture.
The Islanders, however, missed the playoffs for the fifth straight season.
"PA has made it clear he wants to remain with the Islanders. He has assumed a leadership role with the club. He's proven to be a great fit on one of the top scoring lines in the league and has great affinity for the organization that gave him the opportunity to play regularly in the NHL," Walsh said.
Parenteau missed the last game of the season with an ankle sprain, but it is not believed to be serious.