Well this trade has been considered imminent since Friday. Bill Guerin has been traded to the Penguins according to TSN.
In return the Islanders get a condition draft pick from Pittsburgh. As of now it's a 5th rd pick, if the Penguins make the playoffs it becomes a 4th rd pick and if the Penguins win a round in the playoffs it becomes a 3rd pick.
Looks like the Islanders will be cheering for the Penguins for the next few months