According to Craig Calcaterra of NBC Sports, the San Francisco Giants and pitcher Tim Lincecum have agreed to a two-year deal.

Ken Rosenthal of FOXSports.com reports that the deal is for two-years, $23 million.

Jon Heyman of Sports Illustrated tweet, that Lincecum will get $8 million for 2010 and $13 million for 2011 plus a $2 million signing bonus. The signing bonus will be paid out at $1 million per year.

It was reported yesterday that the Giants made an offer of three-years, $37 million. The three-year offer is said to offer annual salaries of $9.5 million, $12.5 million and $15 million. The representatives of Lincecum are said to have made a counter proposal of $40 million. The three-year, $37 million offer seems more lucrative, and there is no explanation why this deal did not go through.

Lincecum and the Giants were scheduled for an arbitration hearing on Friday in St. Peterburg, Florida. Had Lincecum won the hearing, he would have topped Ryan Howard’s record $10 million first year arbitration award.

Lincecum will be under the Giant’s control through the 2013 season, so he will be eligible for salary arbitration when this current contract expires after the 2011 season. You can see Lincecum’s contract history and statistics here.