Greg Monroe has informed the Milwaukee Bucks that he will exercise his $17.88 million player option for next season, thus opting for unrestricted free agency in the summer of 2018, league sources confirmed to ESPN.
The Vertical was first to report Monroe's decision Wednesday.
Monroe, 27, faced a Wednesday deadline to make a decision on his option. Had the 6-foot-11 Monroe declined the option, he would have hit the open market July 1.
Monroe became a well-liked figure within the locker room ever since signing with the Bucks in the summer of 2015. He served as a bench change-of-pace spark as well as an enforcer this past season.
Monroe spent last season in a reserve role full time for the first time in his career and thrived, averaging 11.7 points and 6.6 rebounds while shooting 53 percent from the field in 81 games.
Milwaukee will have the opportunity to bring back the core of a group that assisted the franchise in accumulating 42 wins, resulting in the sixth seed in the Eastern Conference playoffs.
Bucks wing Tony Snell will be a restricted free agent and Jabari Parker is still recovering from a torn ACL, but could possibly return near the middle of next season. The team's franchise player, Giannis Antetokounmpo, is under contract for the next four years after signing a $100 million extension in September 2016.