Oliver Wahlstrom is either betting on himself, or the Islanders are asking him to prove himself.

The winger and restricted free agent signed a one-year deal to stay with the Islanders, the team announced Monday.

According to CapFriendly, it is his qualifying offer — which translates to $874,125.

For the moment, that puts the Islanders over the $83.5 million salary cap by $574,958.

The team is, however, allowed to exceed the cap by 10 percent until the start of the season.

Currently, the Islanders have exactly 23 players on one-way deals — the NHL roster size limit is 23 — which sets up a crunch if Zach Parise decides to return for another season.

Parise’s status also has a major impact on where Wahlstrom will fit into the lineup.

If he doesn’t return, then Wahlstrom would open training camp as the favorite to fill his spot.

If Parise is back, then it’s not at all clear where Wahlstrom will play.

A former first-round pick, Wahlstrom has always shown tantalizing offensive potential.

But under Barry Trotz, Wahlstrom could never get consistent playing time due to defensive-zone issues.

And when he started to show a more well-rounded version of his game last season, the scoring was not quite there.

Then he got hurt, in conjunction with Hudson Fasching and Simon Holmstrom becoming lineup regulars.

Since then, the Islanders have added Julien Gauthier to the mix in the bottom-six competition.

Arnaud Durandeau should not be counted out either.

That all adds up to this contract being something of a referendum on Wahlstrom’s future with the club.

A year ago, Kieffer Bellows — a first-round pick two seasons prior to Wahlstrom — signed a one-year, $1.2 million deal as a restricted free agent to stay with the Islanders.

When he failed to make an impact in camp and in a solitary regular-season game, Bellows was waived.

Wahlstrom’s position with the Islanders is not so precarious at this moment.

His track record includes far better production than Bellows’ entering last season and there is every chance he could play well enough to merit a raise next summer when the salary cap rises.

But especially in the event that Parise is back, it is fair to say Wahlstrom is competing for a lineup spot.

That situation is a stroke of bad luck for Wahlstrom, as his lineup spot was at no risk when he got hurt last season and only is now because others filled in admirably.

But it would be equally unfair to count Holmstrom, Fasching or Gauthier out of the lineup solely because of Wahlstrom’s return.

That battle in particular will be one to watch during training camp.