option vs possibility

option and possibility both are nouns.

Word	Noun	Adjective	Verb	Adverb
option	Yes	No	No	No
possibility	Yes	No	No	No

As nouns, possibility is a hyponym of option; that is, possibility is a word with a more specific, narrower meaning than option:

option (noun)	possibility (noun)
the act of choosing or selecting	a tentative insight into the natural world; a concept that is not yet verified but that if true would explain certain facts or phenomena
one of a number of things from which only one can be chosen	a possible alternative
the right to buy or sell property at an agreed price; the right is purchased and if it is not exercised by a stated date the money is forfeited	a future prospect or potential
	capability of existing or happening or being true