PROGRAMMING ALERT: Tune in to SportsNet Central: Hot Stove tonight at 6:30 p.m. for a complete breakdown of this developing story.
Tim Lincecum and the Giants have reached a verbal agreement to avoid arbitration, according to a team source.The deal is worth 40.5 million over two years, including 18 million in 2012, 22 million in 2013, and a 500,000 signing bonus, according to a tweet from Hank Schulman of the San Francisco Chronicle. The deal buys out Lincecum's final two seasons of arbitration eligibility and would expire after the 2013 season, when Lincecum can become a free agent for the first time in his career.The deal may not become official until Lincecum passes a physical early next week, according to Schulman.
RELATED: Lincecum statssplitsgame logs
Lincecum reportedly turned down a five-year offer worth over 100 million, according to Jon Heyman of CBS Sports.
After two Cy Young Awards and a World Series Championship in his first four full MLB seasons, Lincecum is coming off what could be considered a down year for him. He went 13-14 with a 2.74 ERA, 220 strikeouts and 86 walks in 217 innings.BOBcast: Breaking down Lincecum's new deal
Lincecum, 27, is coming off a two-year, 23-million contract that he signed after the 2009 season to avoid arbitration.
Stay in the game with the latest updates on your beloved Bay Area and California sports teams! Sign up here for our All Access Daily newsletter.