Sloan, who turns 69 next month, reached an agreement in principle with the Jazz earlier in the season and signed the contract in early 2011, according to a report on the league's website (www.nba.com).
"I've already signed a contract for next year," he told reporters after a shootaround at Arco Arena in preparation for Monday's game against the Sacramento Kings. "That's been since, maybe, around the first of the year. I don't remember what the date was on it. I never pay any attention to it. They offered it to me and I signed it."
There have been 245 coaching changes in the NBA, including interim hires, since he Sloan succeeded Frank Layden as Jazz coach in December 1988.
Sloan has a 1,220-802 record, giving him the third most coaching wins ever in the league and making him the only coach to register 1,000 wins with one team.
The Jazz are 30-22 this season, seventh best in the Western Conference and four games out of the Northwest division lead.
(Writing by Larry Fine, Editing by Frank Pingue)