Jon Heyman (SI) reports that Tim Lincecum's representatives rejected a four-year extension offer from the Giants a few months ago and told the team they wanted eight years.

Heyman says Lincecum is also OK with a one- or two-year deal. In other words, he either wants to cash in big now with a really lengthy deal or go ahead and play out his final two arbitration years before seeking a monster deal in the free agent market. The 27-year-old right-hander is likely to net $18-20 million in arbitration.

• https://twitter.com/#!/SI_JonHeyman/status/143378455411695617