West Coast has extended the contract of coach Adam Simpson and re-signed chief executive Trevor Nisbett despite the Eagles falling short of the AFL finals this year.

Simpson's option for a third year in 2016 on top of his initial two-year deal has been approved by West Coast's board after the club narrowly missed out on a finals berth.

The former Kangaroos star led the Eagles to an 11-11 record in his first year at the helm.

West Coast endured a slump that yielded just one win during an eight-match stretch early in the season, but the side came storming home with five wins from their last seven games.

Had Sydney beaten Richmond in the final round, West Coast would have made the finals.

Nisbett rejected offers to join rival clubs in order to stay at the Eagles for another three years. He will head up West Coast's planned move to Lathlain Park.

West Coast hopes to establish a world-class training facility at Lathlain Park by 2017 after agreeing to terms over a 50-year lease for new facilities, with an option for a further 49 years.

The new facilities, which are set to undergo a $60 million makeover, will include two full-sized ovals.

One oval will have the dimensions of the MCG, while the other will feature the proposed dimensions of the new Perth Stadium.

Nisbett joined West Coast in 1989 as a football manager before taking up the role of chief executive in 1999.

In August, Nisbett became just the third non-playing member to be inducted into West Coast's Hall of Fame.

AAP