2:28PM EST: The deal is between $40 milion and $41 million, according to Ken Rosenthal (twitter). Lincecum had requested 2 years, $44 million and lowered it after the the Giants only offered $40 million. Hank Schulman confirms the contract is $40.5 million.

2:17PM EST: The San Francisco Giants and pitcher Tim Lincecum are closing in on a new two-year contract, according to Jon Heyman of CBS Sports. He notes that the two sides are "very, very close" to finishing off a deal that would buy out Lincecum's final two years of arbitration eligibility.

Lincecum, 27, doesn't need much of an introduction here. Heyman recently reported that the former Cy Young winner rejected a four-year, $100 million offer from San Francisco, so it appears that he's looking forward to a major payday once he hits the open market in two years.

Considering his dominance of the NL over the past few seasons, he should be able to receive well over the four years and $100 million that he reportedly could've gotten this winter. Now that the Giants are close to locking up their ace to fixed salaries for 2012 and 2013, keeping him around beyond then should be one of their top priorities.