I don't know how credible the LA Times is, but I must say I'm even shocked at this move. I guess he decided being the winningest coach of all time wasnt worth it. 
Jackson signs two-year extension with Lakers
Thursday, Nov 29, 2007 5:06 pm EST
Phil Jackson
Coach Phil Jackson has decided to sign a contract extension that keeps him with the Los Angeles Lakers for two more seasons according to the Los Angeles Times.
Jackson met Wednesday with Jerry Buss and informed the Lakers owner of his decision.
Jackson, 62, will get a modest raise from the three-year, $30-million contract he signed in June 2005, which was the richest per-annum coaching deal in U.S. pro sports history. Jackson is expected to make $11 million or $12 million a season in his new deal.
Source: Los Angeles Times

Jackson signs two-year extension with Lakers
Thursday, Nov 29, 2007 5:06 pm EST
Phil Jackson
Coach Phil Jackson has decided to sign a contract extension that keeps him with the Los Angeles Lakers for two more seasons according to the Los Angeles Times.
Jackson met Wednesday with Jerry Buss and informed the Lakers owner of his decision.
Jackson, 62, will get a modest raise from the three-year, $30-million contract he signed in June 2005, which was the richest per-annum coaching deal in U.S. pro sports history. Jackson is expected to make $11 million or $12 million a season in his new deal.
Source: Los Angeles Times