The 34-year-old Uruguay international arrived at Old Trafford as a free agent in October on a deal until the end of the campaign with the option of a further year.
Unlike most extension clauses it has to be agreed by both parties before it can be triggered and there is speculation that Cavani could move to Argentine giants Boca Juniors.
Solskjaer said he had discussed the matter with the former Paris Saint-Germain forward.
"I've kept in touch with Edi, of course, and we keep an open dialogue," said Solskjaer. "He's still unsure what he wants to do next season, which I find fine.
Cavani came off the bench in Thursday's 2-0 Europa League quarter-final first-leg win at Granada, making his 28th appearance of a season marred by injuries.