No, I don't think so. He either picks up his player option or he opts out. He can't negotiate an extension before the following summer - because I believe he would not have Bird Rights until then (summer 2017). When he changed teams in FA he lost his Bird Rights. Pretty sure you need Bird Rights to do an extension like you're talking about. He just hasn't been here long enough.
I think he'll certainly opt out and honestly I go back and forth about re-signing him. I would re-sign him for $6M per or less, I think.