Sure, you have this option, but what went wrong in his upbringing to make him this way? Clearly, he doesn't respect you or your rules. I learned the hard way at age 7 who my bosses were. And I grew up in a fun, happy, well run home.
Assuming you're female, when you say we, is his biodad the other part of this? A stepdad? A boyfriend? If it's his dad, what does he say? If not, have you made some bad choices along the way? If you're a male, these same questions apply.
Anyway, this isn't about pointing fingers, but about being a good parent and what is fair to him. It's pretty much impossible to turn a 17 year old into a respectful young man, but you at least need to try. Have a calm convo with him where you explain what needs to change if he wants to stay with you after age 18. Be very specific about rules and what you expect. If he's entering his senior year, require a certain GPA. Once he turns 18, he needs a part time job and you get some of the earnings, etc etc. In exchange, he gets a roof over his head and your support as he looks past hs into furthering his education. (I don't mean financial, I mean emotional support).