Giants resign Tim Lincecum for 2 years, $35 million

Tim Lincecum has signed a two-year contract extension with the San Francisco Giants, which will keep him off the free agent market. The deal is pending a physical, the Giants said yesterday.

Pay per head services read that according to CBSSports.com and the San Francisco Chronicle, the contract is worth $35 million, unlike the two-year, $40.5 million deal he signed in January 2012 after his fourth straight All-Star Game appearance.

Tim Lincecum’s production has decreased the past two seasons. The right-hander, who won two World Series titles with the Giants, has posted a 20-29 record with a 4.76 ERA and 383 strikeouts in his last 65 starts after going 69-41 with a 2.98 ERA and 1,127 strikeouts from 2007-11.

He did throw his first career no-hitter this season, striking out 13 against the Padres on July 13. Tim Lincecum finished the season 10-14 with a 4.37 ERA and 193 strikeouts in 197 2/3 innings.