Tim Lincecum, Giants reach $40.5M, 2-year deal

San Francisco Giants starting pitcher Tim Lincecum throws to the plate during the first inning of a major league baseball game against the Colorado Rockies Monday, April 18, 2011, in Denver.
AP Photo/Jack Dempsey

SAN FRANCISCO - 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.

Tim Lincecum to Giants: Pay me $21.5 million

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.