Dwyane Wade has told the Chicago Bulls that he is exercising his $23.8 million option and will remain with them next season, a person familiar with the situation told The Associated Press on Tuesday night.

The person spoke on condition of anonymity because neither the Bulls nor Wade had spoken publicly about the matter. Wade had until next week to decide whether to opt in or become a free agent.

 

Wade averaged 18.3 points on 43 percent shooting last season, his first with the Bulls after 13 years in Miami. He missed 11 games in March with a fractured elbow, but he returned for Chicago's final three games to help the Bulls make the playoffs.

 

Wade made $23.2 million this past season. He turns 36 in January.