Lincecum and Giants agreed to $40.5M, 2-year deal 

In this May 4, 2011, file photo, San Francisco Giants' Tim Lincecum (55) delivers a pitch during the first inning of a baseball game against the New York Mets at Citi Field in New York. Lincecum is expected to set records for the highest salaries asked for and received in arbitration. The two-time NL Cy Young Award winner made $13.1 million last season, completing a two-year deal worth $23.2 million. - AP FILE PHOTO
  • AP file photo
  • In this May 4, 2011, file photo, San Francisco Giants' Tim Lincecum (55) delivers a pitch during the first inning of a baseball game against the New York Mets at Citi Field in New York. Lincecum is expected to set records for the highest salaries asked for and received in arbitration. The two-time NL Cy Young Award winner made $13.1 million last season, completing a two-year deal worth $23.2 million.

Two-time NL Cy Young Award winner Tim Lincecum and the San Francisco Giants have reached a verbal agreement on a two-year contract worth $40.5 million.

The deal includes a $500,000 signing bonus, a person familiar with the agreement said Tuesday, speaking on condition of anonymity because the terms were not announced

Lincecum had asked for a near-record $21.5 million in salary arbitration and had been offered $17 million by the club. He remains eligible for free agency following the 2013 season.

The 27-year-old, the winning pitcher in the Game 5 World Series clincher at Texas in 2010, earned $13.1 million last season when he completed a two-year deal worth $23.2 million.

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