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Definition of option
1a thing that is or may be chosen:choose the cheapest options for supplying energy [in singular] the freedom, power, or right to choose something:she was given the option of resigning or being dismissed he has no option but to pay up a right to buy or sell a particular thing at a specified price within a set time:Columbia Pictures has an option on the script [with infinitive]:an option to buy the land 2 Football an offensive play in which the ball carrier has the option to run, pass, hand off, or lateral.
verb [with object]
buy or sell an option on (something):his second script will have been optioned by the time you read this Sports transfer a player (to a minor league team) with an option to recall him.