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Oladipo, 28, is in the final season of a four-year, $85 million contract and can become a free agent this summer.
He suffered a ruptured quad injury in January 2019, but he has shown flashes of his old self in performances with Indiana and Houston this season. Oladipo has averaged 21.2 points in 20 games with the Rockets, although his efficiency has been suboptimal.
He arrived in Houston as part of a four-team trade that delivered All-NBA guard James Harden to the Brooklyn Nets. The Rockets offered Oladipo a two-year, $45 million contract — the maximum offer that they were available to make during the season under the collective bargaining agreement — but Oladipo declined it, sources said.
Oladipo has averaged 20.8 points, 5.0 rebounds and 4.7 assists with the Rockets this season. For his nine-year career, including stops with the Orlando Magic, the Oklahoma City Thunder and the Pacers, he has averaged 17.6 points, 4.6 rebounds and 4.0 assists.
The two-time All-Star selection also has shown the ability to be a top defender, being named to the All-Defensive First Team in 2018, when he led the NBA in steals and also was named the league’s Most Improved Player.
The Rockets, who lost to Charlotte on Wednesday after ending a 20-game losing streak Monday night, are in a mode of gathering young players and pick assets as it moves toward a rebuild.