Stern, who turned 70 last month, became commissioner on Feb. 1, 1984. He has been the NBA's longest-serving commissioner, establishing the league's brand around the world, presiding over team expansion and overseeing the establishment of the WNBA.
"You'll be remembered as the best of all-time," Silver told Stern, sitting to his left on a podium during a news conference.
Stern said he decided on his plans about six months ago, having guided the league through a lockout that ended nearly a year ago. He said the league is in great shape and he is confident in Silver, who has been the league's No. 2 since 2006.
"I don't know what else to say other than to recite what I told the owners yesterday in executive session," Stern said. "I told them that it's been a great run, it will continue for another 15 months, that the league is in, I think, terrific condition."