LOS ANGELES (AP) -Lakers coach Phil Jackson has agreed to terms of a two-year contract extension worth about $24 million, putting him under contract through the 2009-10 season.
A person with knowledge of the situation, speaking on condition of anonymity because the Lakers hadn't made an announcement, confirmed the agreement.
Lakers spokesman John Black said Jackson will discuss his contract situation before Los Angeles hosts the Denver Nuggets on Thursday night.
Jackson's decision to return was first reported by the Los Angeles Times on its Web site.
The 62-year-old Jackson signed a five-year, $30 million contract with the Lakers in June 1999, and coached them to three championships before they lost to San Antonio in the Western Conference semifinals in 2003 and were beaten by Detroit in the NBA finals in 2004.
Jackson and the team parted ways in June 2004, and he took a year off before signing a three-year, $30 million contract - the richest deal for an NBA coach - on June 14, 2005.
Rudy Tomjanovich had signed a five-year deal with the Lakers after Jackson left, but stepped down after a half-season on the job.
Jackson put off his decision to return twice before meeting with Lakers owner Jerry Buss this week. Jackson said in training camp he would decide before the start of the season, then said earlier this month he would do so before Thanksgiving.
He had expressed uncertainty because he's undergone two hip replacement operations since October 2006 - the second one last June. He used a cane throughout the preseason.
Jackson and former Boston Celtics coach Red Auerbach each have earned nine championship rings as a head coach. Jackson guided the Michael Jordan-led Chicago Bulls to six titles in the 1990s before taking a year off from coaching and then joining the Lakers before the 1999-2000 season.
Jackson took a 927-399 record as a head coach into Thursday night's game.

Top NBA Public Bets

NBA Top Stories

Thumbnail Lottery pick to begin pro career as reserve The Lakers stumbled to a 17-65 finish in 2015-16. Yet that doesn’t mean they’re willing to just hand over the keys to the No. 2 overall pick in June’s NBA draft.
Thumbnail Anthony, new faces hope to make run in East Carmelo Anthony announced his retirement from international competition in August after helping the U.S. men’s Olympic squad win gold. But will he ever...
More inNBA Articles  

NBA Team Pages