Oxide dispersion strengthened (ODS) steels are promising structural materials for the next generation nuclear reactors, as well as fusion facilities. The detailed understanding of the mechanisms involved in the precipitation of nano-oxides during ODS steel production would strongly contribute to the improvement of the mechanical properties and the optimization of manufacturing of ODS steels, with a potentially strong economic impact for their industrialization. A useful tool for the experimental study of nano-oxide precipitation is ion implantation, a technique that is widely used to synthesize precipitate nanostructures in well-controlled conditions. Earlier, we have demonstrated the feasibility of synthesizing aluminum-oxide particles in the high purity Fe-10Cr alloy by consecutive implantation with Al and O ions at room temperature. This paper describes the effects of high-temperature annealing after the ion implantation stage on the development of the aluminum based oxide nanoparticle system. Using transmission electron microscopy and atom probe tomography experiments, we demonstrate that post-implantation heat treatment induces the growth of the nano-sized oxides in the implanted region and nucleation of new oxide precipitates behind the implantation zone as a result of the diffusion driven broadening of implant profiles. A tentative scenario for the development of metal-oxide nano-particles at both ion implantation and heat treatment stages is suggested based on the experimental observations.