5:23pm: The Giants are offering "north of $3MM for sure" in guaranteed money to Vogelsong, Schulman reports, and roughly $4MM in total. Signing Vogelsong would mean the Giants would (at least for now) turn away from signing another starting pitcher to a multiyear deal and instead focus on finding a left fielder. Also from Schulman (Twitter link), the Giants were still interested in Bronson Arroyo as of this morning, though it's unclear how signing Vogelsong could affect their pursuit of Arroyo.

TODAY, 12:41pm: The club is nearing a one-year pact with Vogelsong, reports MLB.com's Chris Haft, with "momentum" gathering toward an agreement. Vogelsong reportedly wants incentives that could boost the contract value into the $7-$8MM range, while the Giants have indicated that they'd be amenable to bringing him back on a deal that combines base salary and incentives to reach or exceed the value of the option that the club declined. Of course, given that San Francisco decided against promising Vogelsong $6.5MM, it seems clear that the guaranteed portion of a new deal would fall shy of that figure.

YESTERDAY: The Giants are moving toward a deal with free agent starter Ryan Vogelsong, tweets Henry Schulman of the San Francisco Chronicle. San Francisco recently declined a $6.5MM club option on the 36-year-old righty.

Vogelsong, a client of Dave Meier, was a minor league deal reclamation project for San Fran who turned in two outstanding seasons over 2011-12. He suffered an injury-aided downturn last year, however, posting a 5.73 ERA in 103 2/3 innings. Vogelsong registered a notably lower 5.8 K/9 rate in 2013 and saw his HR/FB leap to 13.4%. While advanced metrics put a better light on his campaign, his 4.91 FIP and 4.50 xFIP were hardly promising.