Jeff Schwartz, Jefferson's longtime agent, told ESPN.com he will formally notify the Hornets that his 30-year-old client will delay his next foray in free agency for one more year.
Jefferson, for his part, said in April after the Hornets missed the postseason that he was unlikely to opt out, citing "unfinished business" in Charlotte.
The 2015-16 season will mark the third and final season of the contract Jefferson unexpectedly signed with Charlotte in the summer of 2013, after stints in Boston, Utah and Minnesota.
In his first season as a Hornet, Jefferson brought instant credibility to the Michael Jordan-owned franchise, combining with scoring guard Kemba Walker and new coach Steve Clifford to lead Charlotte to a playoff berth, with Jefferson earning All-NBA third-team honors.
After being limited to 65 games this past season, Jefferson told local reporters he wants to lose 25 pounds before returning to training camp in the fall and playing out the 2015-16 campaign at a salary of $13.5 million.
Jefferson will then be in line to join the expected free-agent bonanza the following summer when the NBA salary cap is projected to spike dramatically thanks to an influx of money from the league's new television deal, which kicks in with the 2016-17 season.