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Ray Allen Exercises Player Option

Ray Allen has exercised his 2013/14 player option and will return to the Heat, reports Chris Haynes of (via Twitter). Earlier this afternoon, we heard that Allen was expected to remain in Miami one way or another. Rather than opting out and negotiating a new deal, the 37-year-old sharpshooter will simply play out the final year of the contract he signed last summer.

Now that Allen has opted in, all four Heat players with options are set to return to the team for '13/14. James Jones and Rashard Lewis also picked up their respective player options, while the Heat exercised Mario Chalmers' team option.

Allen's player option is worth approximately $3.23MM, adding another guaranteed contract to Miami's books for next season. The team's projected salary now sits at over $85MM, a figure that doesn't include Jarvis Varnado's non-guaranteed contract or Chris Andersen's cap hold.

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