Feb 12, 2010 6:43 AM EST

The Giants and pitcher Tim Lincecum are discussing a long-term deal, but sources told ESPN The Magazine's Buster Olney that an agreement isn't close.

The San Francisco Chronicle reported Thursday that the Giants made a three-year, $37 million offer to the reigning NL Cy Young winner.

The Chronicle followed that up with a report that Lincecum's camp countered with a $40 million proposal.

Via ESPN