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.

Video: Clint Frazier loses go-ahead home run to Tropicana Field speaker

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Yankees pinch-hitter Clint Frazier hit what appeared to be a go-ahead solo home run off of Vidal Nuño in the top of the ninth inning of Sunday afternoon’s game against the Rays. Tropicana Field had other ideas. The ball struck a speaker hanging from the ceiling, then was caught in shallow left field by shortstop Adeiny Hechavarria.

That’s a tough break.

The Yankees went on to lose 7-6 when Jake Bauers hit a walk-off solo home run off of Chasen Shreve in the bottom of the 12th inning. The Rays swept the Yankees in their three-game home series over the weekend. They’re still 14 games behind the Yankees in the AL East, however.