Tim Lincecum has agreed to a two-year contract with the San Francisco Giants. (Thearon W. Henderson/Getty Images)
Two-time Cy Young winner Tim Lincecum has agreed to a two-year deal that will keep him with the San Francisco Giants, according to MLBTradeRumors.com.
CBS Sports' Jon Heyman reports that the deal is worth $35 million.
Lincecum is reported to have turned down an earlier two-year offer from the Giants this month in the hopes of getting a better offer before he had a chance to test the free-agent market this winter.
CORCORAN: Lincecum's new contract is inexplicable
The qualifying offer for compensation should Lincecum have gone to the open market was $14 million for one year.
The Giants have been busy this month, signing outfielder Hunter Pence to an extension worth $90 million over five years.