Steve Nash and the Phoenix Suns have agreed on a two-year, $22 million contract extension, his agent said.

Bill Duffy confirmed the agreement yesterday in an interview with The Associated Press.

The deal will keep the two-time MVP point guard under contract with the Suns through the 2011-2012 season.

The 35-year-old Nash, entering his 13th NBA season, had one year left on his contract that would pay him $13 million next season.

The agreement first was reported by ESPN.

The Suns and Nash had been in negotiations for several weeks on a deal that would keep him in Phoenix. He will be 38 when the contract expires. He is expected to sign the agreement later this week.

Under the agreement, $6 million of the final two years of the contract will be deferred, with $3 million being paid in each of the two years following the expiration of the contract, Duffy said.

The Suns lured Nash to Phoenix in 2004 in a celebrated effort that included a flight to Dallas by then-owner Jerry Colangelo and a host of team representatives. When Mavericks owner Mark Cuban balked at re-signing Nash, at age 30, at the amount he wanted, the point guard signed a five-year, $65 million contract with Phoenix.

Nash was named the league's MVP in 2005 and 2006 and was a first-team all-NBA selection in 2005, 2006 and 2007.

Nash has averaged 14.4 points and eight assists in his pro career.

LET'S MAKE A DEAL

T'WOLVES, CLIPPERS IN FOUR-PLAYER SWAP

Minnesota forward Mark Madsen said that he has been traded along with Sebastian Telfair and Craig Smith to the Los Angeles Clippers for Quentin Richardson. Madsen said his agent confirmed the deal, which was first reported by YahooSports.com.

Madsen's playing time waned as his career progressed, but he remained a valued leader in the locker room for a young Minnesota team that is rebuilding.

He will be returning to a city he knows well. Madsen spent the first three years of his career playing for the Los Angeles Lakers before signing with Minnesota in 2003.

Smith, a power forward, was a capable scorer off the bench for the Wolves. Smith grew up in Los Angeles before leaving to play at Boston College.

Telfair averaged 9.8 points and 4.6 assists last season in the first year of a three-year extension.

Richardson averaged 10.2 points and 4.4 rebounds last season for the New York Knicks. This is the third time the shooting guard has been traded this summer. He went from the Knicks to Memphis in a deal for Darko Milicic in June, then was shipped from the Grizzlies to the Clippers for Zach Randolph last week.

ELSEWHERE

Rubio buyout: The only thing keeping Ricky Rubio from joining the Minnesota Timberwolves right now is a multimillion-dollar buyout from his professional contract in Spain. The price tag could reach as high as $6.6 million. That's enough to make any 18-year-old think twice about chasing his dream of playing in the NBA. But several sports marketing experts say a move to the United States could bring Rubio millions in endorsements to help offset the buyout.

Shaq on TV: Cleveland's Shaquille O'Neal would deluge Michael Phelps in a cannonball competition. What about a race across the pool? The NBA superstar will star in "Shaq Vs.," a TV series where the 15-time All-Star center will challenge top athletes in their respective sports. During one episode in the show, which debuts Aug. 18 on ABC, Shaq will swim against Olympic superstar Phelps.

Hawks: Atlanta has signed its first-round draft choice, guard Jeff Teague. The 6-foot-2 Teague was the 19th choice overall in the 2009 NBA draft. At Wake Forest last season, he scored 18.8 points a game.