The 38-year-old Rolston, a 2007 All-Star who has spent the past three seasons with the Devils, collected 14 goals and 34 points in 65 games last season.
He played on the Devils' 1995 Stanley Cup winners during a previous stint in New Jersey and has also played with the Colorado Avalanche, Boston Bruins and Minnesota Wild during a 16-year career. Four times he scored 30 or more goals.
Hunter, 31, who has scored 99 goals in 459 career games with the Islanders, played in only 17 games in 2010-11 with one goal and four points before having season-ending surgery for a torn knee ligament in February.
(Reporting by Gene Cherry in Raleigh, North Carolina; Editing by Larry Fine)