- Associated Press - Tuesday, January 24, 2012

SAN FRANCISCO (AP) - 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 about $40 million.

Giants executive Bobby Evans announced the deal Tuesday. It is subject to a physical and avoids an arbitration hearing.

Lincecum had asked for a near-record $21.5 million in salary arbitration and had been offered $17 million by the club.

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.