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Giants, Tim Lincecum agree to two-year, $35 million deal

The San Francisco Giants have signed ace Tim Lincecum to a 2-year deal. 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.

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