The move, which allows New Orleans to match any offer Gordon receives from another team, was expected. The Hornets previously have stated they intend to re-sign the 24-year-old guard and build around him.
Gordon was limited to only nine games last season because of a bruised right knee that required minor surgery.
He averaged a team-high 20.6 points, and New Orleans was 6-3 when he played. Gordon led New Orleans in scoring in eight of the nine games in which he played.