Giants agree to re-sign Jake Peavy to 2-year, $24 million deal

The Giants and Jake Peavy have agreed to a two-year, $24 million contract that will have the right-hander returning to San Francisco, according to Ken Rosenthal of FOXSports.com and ESPN.com's Jerry Crasnick. According to Crasnick, Peavy will earn $7 million in 2015 before earning $13 million in 2016, while receiving a $4 million signing bonus and full no-trade clause.

Peavy, 33, was said to be drawing strong interest from the Giants, Marlins and Braves as of yesterday, but will return to the Giants after spending the second half of last season in San Francisco. The veteran was excellent in twelve starts, posting a 6-4 record and 2.17 ERA in 78.2 innings of work.

With Peavy coming back, the Giants now have a rotation of Madison Bumgarner, Matt Cain, Tim Hudson, Peavy, and Yusmeiro Petit, with TIm Lincecum lurking as a depth option as well. The team was thought to be in on high-end starters like James Shields and Cole Hamels, though the addition of Peavy may change things in that regard.

In thirteen major league seasons with the Padres (2002-2009), White Sox (2009-2013), Red Sox (2013-2014) and Giants (2014), Peavy is the owner of a lifetime 139-111 record and 3.53 ERA. He has been named to the All-Star Game on three occasions, and won the NL Cy Young award in 2007 with San Diego.