I did a quick google. The first 2 relevant articles:
http://espn.go.com/blog/nhl/post/_/id/21946/tim-thomas-trade-wont-cost-islanders
http://sports.yahoo.com/news/tolling-tim-thomas-fighting-rises-192700908--nhl.html
The first one discusses the trade as if tolling is absolutely an option, even going as far as saying the 2nd round conditional extends if the islanders elect to toll.
The second one discusses the fact that the cap hit will NOT be tolled. It doesn't say anything about not being able to toll, just not being able to toll the cap hit (assuming thomas doesn't play, obviously if he plays the cap hit counts). It even says that Thomas will owe the isles the last year of the contract if he resumes play next season, and the isles have the right to decline that option.
So based on 2 relatively reliable sources, they seem to think that the contract is tollable.
http://espn.go.com/blog/nhl/post/_/id/21946/tim-thomas-trade-wont-cost-islanders
http://sports.yahoo.com/news/tolling-tim-thomas-fighting-rises-192700908--nhl.html
The first one discusses the trade as if tolling is absolutely an option, even going as far as saying the 2nd round conditional extends if the islanders elect to toll.
The second one discusses the fact that the cap hit will NOT be tolled. It doesn't say anything about not being able to toll, just not being able to toll the cap hit (assuming thomas doesn't play, obviously if he plays the cap hit counts). It even says that Thomas will owe the isles the last year of the contract if he resumes play next season, and the isles have the right to decline that option.
So based on 2 relatively reliable sources, they seem to think that the contract is tollable.