UPDATE #3 (3:15pm ET): Buster Olney reports other incentives in the deal:
In addition to his salary, he would earn $200,000 for pitching 225 innings, a figure he reached in each of his two full seasons. He would get $500,000 for each Cy Young Award, $250,000 for second, $100,000 for third, $75,000 for fourth and $50,000 for fifth.
He also would get $100,000 each time he's an All-Star, $100,000 for NL MVP, $75,000 for World Series MVP and $50,000 for League Championship Series MVP.
UPDATE #2 (11:50am ET): Jon Heyman reports (via Twitter) that Lincecum will receive $8 million this season, $13 million in 2011 plus $2 million in signing bonus money ($1 million each year).
UPDATE #1 (11:30am ET): Ken Rosenthal reports (via Twitter) that the agreement is a 2 year, $23 million deal.
As a Super 2, the contract will avoid the first two of four years Lincecum is salary arbitration eligible.
BREAKING: Andrew Baggarly of the San Jose Mercury News (via Twitter) has said a multi-year deal has been reached between the Giants and Lincecum, pending a physical. Contract details as they become available.
The salary arbitration hearing scheduled this morning in Tampa between Tim Lincecum and the San Francisco Giants has been delayed as the sides work to negotiate a multi-year deal, according to Tim Brown of Yahoo! Sports, who cites two different sources.
As a first time salary arbitration eligible player, Lincecum is seeking a record $13 million while the Giants have filed a $8 million offering figure, a record for any club for a first time player.
Reports yesterday said a 3/$37 million deal had been discussed, but that Lincecum's representative, Rick Thurman of the Beverly Hills Sports Council rejected the offer.
More details as they become available
YAHOO! SPORTS ARTICLES ON SALARY ARBITRATION:
Inside a Tim Lincecum arbitration hearing - 2/10/10
Salary arbitration: Battle of the midpoint â 1/26/10
Evolution of salary arbitration: an ironic tale â 1/19/10
The Biz of Baseball Articles on Lincecum's Salary Arb Case
Inside the Giants Multi-Year Offer to Lincecum
Inside The Numbers: Tim Lincecum's Possible Record Contract
RESOURCES FOR SALARY ARBITRATION
Maury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey. He is available for hire or freelance. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network.
Follow Maury Brown on Twitter
Follow The Biz of Baseball on Twitter
Follow the Business of Sports Network on Facebook