VERB + OPTION

have
You have the option of taking your holiday early
give sb

PREP

with/without the ~ of
He was jailed without the option of a fine

PHRASES

have little/no option but to
We had no option but to leave without them

ADJ

available, possible, viable
real, realistic
attractive, good
Deciding on your best option is not easy
preferred
practical
easy, soft
He thought General Studies would be a soft option
cheap
expensive
policy
menu (on a computer)

VERB + OPTION

choose, exercise, select, take
Look at the on-screen menu and select the 'File' option
give sb, offer (sb)
limit
look at
Let's look at all the options available

PHRASES

keep/leave your options open (= to avoid making a decision now so that you still have a choice later)

ADJ

first
share, stock

VERB + OPTION

have
exercise, take (up)
She took up an option in her contract to buy three million shares

PREP

~ on
He's promised me first option on his car