SAN FRANCISCO — Right-hander Tim Lincecum has reached a verbal agreement with the Giants on a two-year, $40.5 million contract, avoiding salary arbitration.
An industry source confirmed the deal Tuesday, ending the speculation surrounding Lincecum’s contract that intensified last week when he and the Giants exchanged figures for a proposed one-year deal in arbitration. Lincecum asked for $21.5 million, a record for a player with fewer than six years of Major League service time; the Giants countered with $17 million, the highest offer ever made by a club in the arbitration process.
Though the deal takes Lincecum and the Giants through his final year of arbitration eligibility, he still can become a free agent after the 2013 season.
Being the only pitcher to win Cy Young Awards in each of his first two full seasons has enabled Lincecum, who’s also a four-time National League All-Star, to set new contractual standards. Lincecum, 27, reportedly spurned a five-year, $100 million offer from the Giants.
The Giants now will turn their attention toward a contract extension for right-hander Matt Cain, a two-time All-Star who’s eligible for free agency after this season.