The 29-year-old point guard had joined the Houston Rockets from the Indiana Pacers as part of January's James Harden trade, before moving again to the Heat in March.
Olapido is set to remain in Miami and consider free agency in 2022 once he is at full fitness, after a sustaining a knee injury before opting for season-ending surgery on his quad in May.
The Athletic's Shams Charania reports that the Heat will retain Oladipo's Bird Rights, which will allow them to find the means to sign him again next offseason.
Oladipo averaged 19.8 points, 4.8 rebounds and 4.6 assists per game in the 2020-21 NBA season having had a breakout 2017-18 with the Indiana Pacers, before a series of injuries slowed his progress.
The two-time All-Star played just four games with the Heat following his trade from the Rockets.