San Antonio Spurs
Oberto had until midnight Sunday to decide whether to pick up his option for $2.5 million and he did not make his decision until the final hours.
"I don't know how this changes things at all for us," Spurs general manager R.C. Buford said. "We have every hope that he'll continue to be a part of our team."
Oberto, a member of the 2004 Olympic champion team from Argentina, has spent the past two seasons with the Spurs. He averaged 5.6 points and 4.9 rebounds for the Spurs during the recently completed playoffs.
Chris Sheridan covers the NBA for ESPN Insider.