Updated - 3:15: The Giants have reached a verbal agreement on a two-year deal with Lincecum.
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Original - 2:37 : The San Francisco Giants are nearing a two-year contract believed to be worth about $40 million with Tim Lincecum, according to MLB Trade Rumors.
Just last week the Giants offered to the two-time Cy Young Award winner $17 million in arbitration, which would have been the highest arbitration deal in history. Lincecum asked for $21.5 million, which was the second highest asking price ever, second only to Roger Clemens who asked the Houston Astros for $22 million in 2005.