Feb 11, 2010 10:25 AM EST

With an arbitration hearing scheduled for Friday, Tim Lincecum and the Giants have discussed parameters for a multi-year contract.

A major-league source said the Giants have made a three-year, $37 million offer with annual salaries of $9.5 million, $12.5 million and $15 million, and that the Lincecum camp countered with a proposal above $40 million.

ESPN's Buster Olney reports that the two sides still aren't close to a deal.

RealGM Note: Lincecum was ranked sixth in season FIC during the 2009 season and 'deserved' to make $19 million. He was ranked second in FIC during the 2008 season.

Via San Francisco Chronicle