The San Francisco Giants and pitcher Tim Lincecum have agreed to a two-year, $40.5 million contract extension which avoids an arbitration hearing for both sides, Hank Schulman of the San Francisco Chronicle reports.

Lincecum will earn $18MM in 2012 and $22MM in 2013 to go along with a $500K signing bonus.  The deal also includes a limited no-trade clause that allows Lincecum to block a trade to a certain number of teams.

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