It seems like it, at least according to this article on ESPN:
Pistons guard Ronald "Flip" Murray has exercised his player option for next season to return to the team, his agent, Mark Termini, said Tuesday.
Murray's salary for 2007-08, in the second year of a two-year deal, will be $1,890,000.
Pistons teammates Chauncey Billups and Antonio McDyess recently declined similar options to both become unrestricted free agents.
Murray averaged 6.7 points in 69 games last season.
That's literally the entirety of the article, which is rather peculiar since the fact that Antonio McDyess is hitting the open market is without a doubt more newsworthy than the fact that Flip Murray isn't. So, honestly, I don't know if this is actually for real or a false assumption made by some copy editor (there's no byline beyond "ESPN.com news services"). Once there's confirmation either way, I'll update this post.
Update: As I suspected, McDyess is NOT a free agent. From A. Sherrod Blakely::
I spoke with Antonio McDyess' agent this morning, and he confirmed that McDyess has not filed for free agency.
"I have the paperwork right here on my desk," said his agent, Andy Miller. "I haven't seen the report, but I can tell you it's false."
This isn't to say that he won't become one (um, the paperwork is sitting on his agent's desk?), but when it happens it'll probably receive a bit more fanfare than just a throw-in line at the bottom of some random article. (Thanks to Justin and Brian for alerting me to Blakely's post.)