The official announcement is scheduled for Wednesday morning at the site.
The team's bid was selected over a competing one from the New York City Football Club, which was hoping to build its own stadium there. The request asked for proposals to transform Belmont into "one of Long Island's premier destinations for entertainment, sports, hospitality and retail".
Joining the Islanders in the proposal is Oak View Group, whose investors include James Dolan's Madison Square Garden Co., which owns its namesake arena as well as the Knicks and Rangers, and Sterling Equities, which owns baseball's New York Mets.
The Islanders' plan calls for an 18,000-seat arena adjacent to the Belmont Park grandstand, which will host 41 Islanders games a year plus an additional 100-plus events. N.Y.C.F.C. have searched across the NY metropolitan area for a potential stadium site. Not only are they getting their team back, there is no longer the risk of the team packing up and moving out of NY.
The move comes just two years after the team moved from the old Nassau Coliseum in Uniondale to the Barclays Center in Brooklyn. The Isles and Barclays have a January deadline to renegotiate an opt-out for the lease.
Islanders co-owner Jon Ledecky has said the team will continue to play at Barclays Center through next season as they are contractually obligated to do.
A 200-to-250-room hotel and 435,000-square feet of retail space are also in the Islanders' plans. The team is partnering with Sterling Project Development - run by the Wilpon family, which owns the New York Mets - and Oak View Group, which is also spearheading the redevelopment of KeyArena in Seattle for potential National Hockey League expansion.
The Islanders also want to solidify their arena future to improve their chances of re-signing their star center John Tavares to a new long-term contract.