Miami Heat guard Victor Oladipo has exercised his $9.4 million option for the 2023-24 season, a source told ESPN's Adrian Wojnarowski.

Oladipo, 31, tore his left patellar tendon during the first round of the playoffs against Milwaukee in April. He underwent his third major surgery in the past four years -- the other two were on his right knee area -- and there is no timetable for his return.

Oladipo was a two-time All-Star with Indiana before getting hurt in January 2019. Indiana traded him to Houston in January 2021. The Rockets traded him to Miami two months later; he played four games in March 2021 with the Heat before getting hurt again.

Oladipo appeared in just eight regular-season games in the 2021-22 season while recovering from a second surgery to repair his right quadriceps tendon. He got into 15 playoff games for Miami in 2022, then agreed on a two-year deal to stay with the Heat last summer.

He played in 42 games this season with Miami, his most in any regular season since 2017-18.

Information from the Associated Press was used in this report.