MONDAY: The Giants have officially declined Vogelsong's option, Baggarly tweets.

SUNDAY: The Giants have informed right-hander Ryan Vogelsong his $6.5MM club option will not be exercised but negotiations have begun on a restructured contract, sources tell Andrew Baggarly of CSNBayArea.com. Vogelsong will receive a $300K buyout.

The Giants are interested in bringing back Vogelsong, according to Baggarly, but for a smaller guaranteed salary with incentives based on innings and/or starts. Vogelsong missed nearly three months with a broken pinky on his throwing hand and struggled to a 5.73 ERA, 5.8 K/9, 3.3 BB/9, and 10.8 H/9 in 103 2/3 innings over 19 starts. Baggarly theorizes the savings from Vogelsong could be reinvested into re-signing lefty specialist Javier Lopez.

The Giants are expected to officially announce its decision on Vogelsong tomorrow.