Should I mention that I will be opting for the non-thesis option in my statement of purpose? I am planning to apply for Master's in Electrical and Computer Engineering. I have prepared most of the application requirements (GRE,TOEFL,transcripts,LORs,Resume). The only thing left is my SOP. I intend to take up the non-thesis (project option) in my final semester. Should I mention this in my SOP?
If yes, How do I go about stating this?
As a prior commenter noted, you can be silent on the issue without prejudice from the admissions officer.  In fact, it's quite common for graduate students not to make the thesis/no thesis decision until they have a semester or a couple of quarters behind them.  The decision to write a thesis is often the product of one's evolution during graduate work.  For example, if you were to decide that you want to pursue a doctorate, then writing a thesis has distinct advantages, the most important of which is that it prepares you for writing a dissertation.  Conversely, if you want the broadest knowledge and lab experience, course work is preferable.