CBSSports.com baseball writer Jon Heyman reported Tuesday that Tim Lincecum and the Giants have reached an agreement on a two-year, $35 million contract averting free agency and keeping the two-time Cy Young winner and fan favorite in San Francisco for the 2014 and 2015 seasons.
There's a full no trade clause included in the deal.
Lincecum must first pass a physical before anything becomes official.
His hometown of Seattle was thought to be in the mix for the four-time All Star's services, but Lincecum chose to remain with organization that drafted him and he helped lead to two World Series titles.
The 29-year-old went 10-14 with a 4.37 ERA this year.
He tossed his first career no-hitter on July 13 at San Diego.
Lincecum's re-signing assures the Giants three returning starters along with Matt Cain and Madison Bumgarner while Ryan Vogelsong is also expected to be back.
Check back for updates.