3/28 18:15: Andrew Baggarly of the San Jose Mercury News tweets that Cain will make $4.5 million in 2010, $7 million plus $1 million signing bonus in 2011 and $15 million in 2012.

3/28: 15:16: According to Henry Schulman of the San Francisco Chronicle, he says the deal is between $26-30 million. The 2012 year is believed to be more than $12.5 million.

3/28 13:04: According to Andrew Baggarly of the San Jose Mercury, pitcher Matt Cain has signed a new three year contract with the club. Cain was originally scheduled to make $4.5 million for this year with a $6.25 million club option for next year. The 2011 option is now guaranteed in addition to 2012. 2012 would have been Cain’s first year of free agent eligibility.

Cain, 25, had a great 2009 campaign by going 14-8 with a 2.89 ERA. You can see Cain’s contract history and career statistics here.