According to Jon Heyman of CBS Sports, the San Francisco Giants made an offer to ace Tim Lincecum for at least five years and $100M+, but he rejected it. They're now reportedly focusing on a deal of one or two years for Lincecum.
Additionally, the team is reportedly optimistic about signing starter Matt Cain long-term. He's set to become a free agent after this season, but the team seems confident about signing him to a contract extension with an average annual value under $20M.
SF offers Tim $100M-plus but more able on Cain - CBSSports.com
"The Giants are talking to franchise pitchers Tim Lincecum and Matt Cain about multiyear deals, but while there are early indications they'll have a decent or better chance to lock up Cain into his free-agent years, the team seems to be focusing on deals of two years or one with Lincecum after he rebuffed an offer of at least $100 million for five years."