Agent Doug Neustadt said Tuesday they informed the Bobcats of the decision earlier this week.
Diaw said after the season that with the potential labor uncertainty this summer, it was a "no-brainer" to pick up the option and avoid becoming a free agent until 2012.
The move comes after owner Michael Jordan criticized Diaw's play in the 2010-11 season. Diaw, who was nearly traded twice last season, could be a potential target to be moved as Jordan seeks to revamp Charlotte's roster.
The 29-year-old Diaw averaged 11.3 point and 5 rebounds last season.
source : usatoday.com
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