UPDATE: Tim Lincecum signs a two-year, $40.5 million deal with the Giants

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UPDATE: It’s now confirmed by multiple sources that the deal is done: two-years, $40.5 million.

2:14 PMJon Heyman just tweeted that the Giants and Tim Lincecum are “very, very” close to sealing a two-year deal for “a little over $40 million.”

The existence of such an offer was first reported by Tim Brown of Yahoo! on Saturday. As D.J. noted then, a two-year deal like this would cover Lincecum’s remaining arbitration seasons and allow him to test free agency after 2013. It would also avoid a long term deal which Lincecum is reported not to really want right now.

For the Giants, it avoided the specter of going through arbitration with Lincecum over the next two seasons and, barring some sort of cratering of his performance, being on the hook for more than $45 million, I’d wager.

Cubs to activate Craig Kimbrel on Thursday

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The Cubs will activate reliever Craig Kimbrel ahead of Thursday afternoon’s game against the Braves, Sahadev Sharma of The Athletic reports.

Kimbrel, 31, ended a seven-month stint in free agency, agreeing to a three-year, $43 million contract with the Cubs earlier this month. He has made four minor league appearances, allowing one earned run on two hits and a walk with four strikeouts in 3 2/3 innings.

With an aggregate 3.96 ERA entering Wednesday, the Cubs’ bullpen has been among the better bullpens in the league. Adding Kimbrel, one of the greatest closers of all-time, certainly can’t hurt and will give them some stability in save situations.