LOS ANGELES — Lakers coach Phil Jackson said he has agreed to terms of a two-year contract extension believed to be worth about $24 million, putting him under contract through the 2009-10 season.

The Hall of Fame coach announced his decision and discussed his contract situation before Thursday night's game against the Denver Nuggets. When asked if this was his final contract with the Lakers, he hedged a bit and didn't give a direct answer.

"I was in my 50s in the last era, I'm in my 60s in this era, and maybe I can go on into my 70s," he said. "But I really don't think so. 'I mean, I'm losing a step as I go — mentally and physically. Being abreast of all these kids is not an easy task. I can hardly speak their language, but I'm trying."

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.

Jackson took a 927-399 record as a head coach into Thursday night's game, including a 382-206 mark with the Lakers. His career playoff record is 179-77.

PARKER INACTIVE: Heat guard Smush Parker missed practice Thursday in the wake of a dispute with a parking valet service. Police said Parker got into an argument Tuesday morning over whether he had paid a $12 valet parking fee at a condominium. Parker has not been charged. He also missed Tuesday's game against Charlotte. "We are currently investigating the reported incident," coach Pat Riley said in a statement. "Until we have concluded it, Smush will not be with the team. He has not been suspended and is currently on our inactive list. This is a legal matter, and we will have no further comment until the legal process runs its course."