12:40pm: Lopez's deal will be worth $13MM over three years, according to Steve Berman, who also reported San Francisco's Tim Hudson signing this week.

WEDNESDAY, 10:42am: Lopez will receive a three-year deal, but the agreement is not yet finalized, according to Jon Heyman of CBS Sports (on Twitter).

TUESDAY, 3:07pm: Giants vice president Bobby Evans tells Jim Bowden of MLB Network Radio that the two sides have agreed on base salary and years but are still working out the other elements of the contract. There's nothing in writing yet, according to Evans (Twitter links).

2:33pm: The Giants close on multi-year deal with Lopez, a source tells Ken Rosenthal of FOX Sports (on Twitter).

1:53pm: The Giants are "fully engaged" with Javier Lopez and hope to re-sign him in the near future, general manager Brian Sabean tells Andrew Baggarly of CSN Bay Area (Twitter link).

Lopez, 36, pitched to a 1.83 ERA with 8.5 K/9 and 2.7 BB/9 in 39 1/3 innings in 2013, primarily working as a lefty specialist for the Giants. Lopez was incredibly good in that role, limiting opposing left-handers to a minuscule .156/.208/.222 slash line.

Lopez just wrapped up a two-year, $8.5MM contract with the Giants and is said to be looking for another multiyear deal on the free agent market. The Giants acquired Lopez from the Pirates in exchange for John Bowker and Joe Martinez after the Buccos had signed him to a minor league deal in the 2009-10 offseason. He's spent the past three-and-a-half years with the Giants, earning a pair of World Series rings and posting a 2.26 ERA with 7.4 K/9 and 3.3 BB/9 in 147 1/3 innings of relief.