Is subject acceleration an option for his area of strength? Would this buy you another year before figuring out if a full grade skip needed to be done?
Are there any gifted schools in your area?
Are club sports an option? In some areas, club sports are more important than school sports, but not all areas, and they play by age, not grade.

Since no one mentioned this yet, I am going to, although you may already be aware. Early athletic strength, before puberty, is not always an indicator of later success. Lots of coaches like to talk about athletic scholarships and so on, when very few athletes will get one. So this is just one factor to take into account.

We were in a similar situation and for us, we chose grade acceleration when subject proved not to be nearly enough and we do club sports. Later we moved to a gifted school when the grade acceleration was not enough. Still doing club sports.