"Not opting out," Artest told ESPN.com's Marc Stein via e-mail Monday night. "The Kings have been there for me, so the best I could do is stay in my contract."
Artest's agent, Mark Stevens, confirmed that his client will fulfill the final year, worth nearly $8 million.
Artest played in only 57 games due to injury last season and averaged 20.5 points and 5.8 rebounds per game.
Senior writer Marc Stein covers the NBA for ESPN.com. ESPN Insider Chris Sheridan contributed to this report.