Lincecum had been set to ask for an arbitration-record $13 million salary for 2010 during a hearing Friday in St. Petersburg, Fla. Lincecum's agreement, which also includes performance bonuses, is subject to a physical.
Lincecum, 25, won back-to-back National League Cy Young awards in 2008 and 2009. He led the NL in strikeouts during both seasons and was also selected the All-Star team in both years.
Lincecum went 15-7 with a 2.48 ERA in 2009. In his three big-league seasons, all with the Giants, Lincecum is 40-17 with a 2.90 ERA. He has 676 strikeouts in 598 2/3 career seasons.
Information from The Associated Press was used in this report.