No. It's not just a team option. He already got paid the money and will become an UFA to start the year.
These type of "void years" are just a financial tool used by teams.
https://www.hogshaven.com/2021/4/12/22379019/how-do-voidable-year-contracts-work-and-why-has-the-nfl-embraced-them-this-year
Quote from article:
So, what are voidable years?
A voidable year is an ‘extra’ year on the length of the contract that the team and the player intend to void. In other words, it is a “dummy” year on the contract that the player will never play or get paid for, and it exists for the sole purpose of lowering the annual cap hit, especially in the first year of the contract.
As mentioned above, this type of contract is nothing new, though most teams use them sparingly, if at all.