Phil Jackson has agreed with the Los Angeles Lakers owner Jerry Buss to end his coaching tenure with the team which he led to win three straight championships, said the team in a statement on Friday.

The 58-year-old, one of the most successful coaches in NBA history, was offered by Buss another position with the organization, which Jackson will decide whether to accept in the near future.

Jackson's five-year, 30 million US dollars contract expires at the end of the month.

"The experience of the past five years has been great," Jackson said. "Three rings and a fourth opportunity makes this a bittersweet ending, but it's time to pause and reflect. I'm appreciative of all the Lakers, the organization, the fans and Dr.Buss."

Jackson joined the Lakers in June 1999, and coached them to their first championship in 12 years in his first season. Then Jackson led the team to two more titles, given eighth and ninth rings to tie with former Boston coach Red Auerbach for the most in NBA history.

The Lakers were eliminated in the second round of the playoffs by eventual champion San Antonio last year and reached the NBA Finals this year before losing to the Detroit Pistons.

Before taking the Lakers, Jackson coached the Michael Jordan-led Chicago Bulls to championships in 1992-1994 and 1996-1998.