Nilotinib in Treating Patients With Newly Diagnosed Chronic Phase Chronic Myelogenous Leukemia

DISEASE CHARACTERISTICS: * Cytogenetically confirmed chronic myelogenous leukemia (CML) by standard conventional cytogenetic analysis of bone marrow\* * Newly diagnosed disease (within the past 6 months) NOTE: \*FISH cannot be used * In chronic phase, as defined by the following: * Less than 15% blasts in peripheral blood and bone marrow * Less than 30% blasts plus promyelocytes in peripheral blood and bone marrow * Less than 20% basophils in peripheral blood * Platelet count ≥ 100,000/mm\^3 * No evidence of extramedullary leukemic involvement, except for hepatosplenomegaly * Philadelphia chromosome-positive disease as demonstrated by (9;22) translocation (presence of Bcr-Abl) * A review of ≥ 20 metaphases is required * No previously documented T315I mutations PATIENT CHARACTERISTICS: * ECOG performance status 0-2 * Total bilirubin \< 1.5 times upper limit of normal (ULN) * AST and ALT \< 2.5 times ULN * Estimated glomerular filtration rate ≥ 30 mL/min * Serum amylase and lipase ≤ 1.5 times ULN * Alkaline phosphatase ≤ 2.5 times ULN (unless related to CML) * Potassium ≥ lower limit of normal (LLN) * Magnesium ≥ LLN * Phosphorous ≥ LLN * Total calcium ≥ LLN (corrected for serum albumin) * Not pregnant or nursing * Negative pregnancy test * Fertile patients must use effective contraception * No impaired cardiac function including, but not limited to, any of the following: * LVEF \< 45% or \< LLN by ECHO * Inability to determine the QT interval on ECG …