8:01pm: The Heat have confirmed the extension via press release.
7:42pm: The Heat have exercised Norris Cole's $1.2MM option for the 2013/14 season, according to Brian Windhorst of ESPN.com (via Twitter). The Cleveland State product averaged 6.8 PPG with 2.0 APG and 0.7 SPG in his rookie campaign last season.
The 28th overall pick in the draft impressed early on in the season, making him look to be one of the early steals of the 2011 class. However, the explosive athlete would quickly hit the rookie wall and had a rather up-and-down year in total. Regardless, the Heat believe that the explosive athlete has shown enough upside to warrant another year under contract in Miami.