Two-time MVP Steve Nash has accepted a 2 year/$22 million extension with the Phoenix Suns.

Nash’s agent, Bill Duffy, has confirmed that his client will formally sign the extension as early as Tuesday after ESPN.com reported the deal earlier Monday.    

    The Suns offered Nash, 35, the longest contract extension allowed by league rules for a player his age two weeks ago: $20 million over two years. They then increased the money to $22 million, along with the $13.1 million Nash is owed next season, in a meeting in Las Vegas last Wednesday attended by Suns owner Robert Sarver, president of basketball operations Steve Kerr and Duffy.

   “For the organization and for Steve, I’m ecstatic,” Duffy told the Arizona Republic. “…Robert Sarver remains steadfast in his commitment to Steve and his belief that Steve can lead this organization to the top of the NBA. And Steve believes that as well. I think there was a hiccup in the year and a half but I think they feel that can be corrected.”

   Duffy said that $6 million of the extension money will be deferred, with Nash receiving $3 million in each of the first two years after completing this contract in 2012. The $22 million will nonetheless count against the Suns’ salary cap in 2010-11 and 2011-12.

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