SUNDAY: The Giants opted for a $500K buyout instead of exercising Torres' $3MM option, tweets MLBTR's Tim Dierkes.

SATURDAY: The Giants officially declined their $18MM option on lefty Barry Zito and their option on outfielder Andres Torres, Bill Shaikin of the Los Angeles Times tweets. Zito will receive a $7MM buyout.

The Zito decision is no surprise, as the 35-year-old posted a 5.74 ERA in 133 1/3 innings pitched this season, the final guaranteed year of the seven year, $126MM deal he inked with San Francisco before the 2007 season. Zito never lived up to the lofty expectations of that contract, pitching to a 4.62 ERA in more than 1,100 innings over the life of the pact.

Declining Zito's option creates another hole in the rotation for the Giants, who have two slots to fill behind Matt Cain and Madison Bumgarner even after re-signing Tim Lincecum. As MLBTR's Zach Links noted in his Offseason Outlook on the Giants, the club could see if Ryan Vogelsong can right the ship by picking up his $6.5MM club option, and internal candidates such as Yusmeiro Petit and Eric Surkamp should also be in the mix. The Giants have also reportedly watched Cuban defector Odrisamer Despaigne throw in Barcelona.

Torres, also 35, hit just .250/.302/.342 for San Francisco after reuniting with the club on a one year, $2MM deal.