Sources have revealed that LaFontaine, who played for the Isles for eight seasons and temporarily worked as an unpaid adviser to the team in 2006, is interested in the idea.
Islanders' owner Charles Wang is reportedly not only seeking a new arena for his club, but also looking to sell it for the overwhelming price of $300 million, double its current value.
Wang has struggled to get public financing for a $400 million arena to replace the Nassau Veterans Memorial Coliseum.
Lafontaine, 47, played 15 seasons in the NHL and posted 468 goals and 545 assists for 1,013 points in 865 career games.
