Jake Peavy isn't leaving San Francisco.

Peavy and the San Francisco Giants have reportedly agreed to a two-year, $24-million deal, according to multiple reports. ESPN's Jerry Crasnick tweets Peavy will earn $7 million next season and $13 million in 2016. The contract reportedly includes a full no-trade clause and $4-million signing bonus.

The Giants acquired the veteran right-hander from the Boston Red Sox in a late July trade, reuniting Peavy with his former manager, Bruce Bochy. The pair spent five seasons together with the San Diego Padres before Bochy left for the Giants in 2007 - the same year Peavy won the National League Cy Young.

"Bochy is my guy," Peavy said after the Giants' acquired him this past summer. "He raised me in the game. " ... He's a guy I dearly love, so I'm excited as ever to be reunited with him."

The move to the NL paid immediate dividends.

Peavy shook off a rough first half with the Red Sox and finished strong with the Giants, helping the club to its second title in three seasons and third in five years.

The 33-year-old pitched to a 2.17 ERA and 1.04 WHIP across 12 starts with San Francisco and allowed two earned runs or fewer in each of his final nine outings of the regular season.

Peavy's success came in spite of a career-low strikeout rate and his highest walk percentage in four years. Last season marked just the second time since 2007 that Peavy eclipsed the 200-inning barrier.

Friday's reported signing is the first significant transaction for the championship-winning club. The Giants failed in their bid to bring back free-agent Pablo Sandoval and were finalists in the sweepstakes for coveted left-hander Jon Lester.