Nowitzki, who just turned 38 on Sunday, had a Wednesday deadline to opt out and become a free agent or play next season for $8.7 million.
The prevailing thought is that Nowitzki will remain with the Mavericks, although there is some thought that the Golden State Warriors might make a run at the future hall of famer.
Nowtizki has spent his entire illustrious 18-year career with the Mavericks. The 13-time All-Star selection has one MVP award and one NBA Finals MVP trophy under his belt.
He is sixth on the NBA's all-time scoring list with 29,491 career points and is taking aim at passing Wilt Chamberlain during the 2017-18 season.