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All indications are Nelson will decline that option and test free agency in order to avoid being traded as an expiring contract.
Jameer Nelson can, and likely will, opt-out of the final year of his contract. Sources close to the situation say that Nelson wants to test free agency and sign a long-term deal that gives him some security going forward. Nelson doesn't want to be dealt as an expiring contract and end up in a bad situation. If he leaves Orlando, he wants to choose his next team rather than being dealt somewhere out of his control.