He will continue to rehab his quadriceps tendon injury through the start of the season, a source told ESPN.
Oladipo, 29, emerged as an All-NBA player with the Indiana Pacers in a breakout 2017-18 season but has struggled with consistency in his comeback from a devastating knee injury he suffered in 2019.
After being acquired by the Heat, Oladipo injured his knee in April and didn't play the rest of the season after he opted to have season-ending surgery on his right quadriceps tendon in May.
Oladipo averaged 19.8 points in 33 games this past season but with low efficiency numbers (40.8% from the floor).
It was another surgery for Oladipo, who hasn't been able to fully recover from rupturing the quadriceps tendon in his right knee while playing for the Pacers in 2019.
It was a rare injury and required intensive recovery, with Oladipo missing a full calendar year before returning in January 2020. Since coming back, he has appeared in only 52 regular-season games (28 with the Pacers, 20 with the Houston Rockets, four with the Heat).
Oladipo was traded twice last season, with the Pacers sending him to Houston in January in a three-team trade centered around James Harden. The Heat then acquired Oladipo in March in a deal that sent Avery Bradley, Kelly Olynyk and the right to swap 2022 first-round picks.
Oladipo turned down a $45 million extension offer from the Rockets last January.
ESPN's Royce Young contributed to this report.