The Giants and Javier Lopez have agreed to a two-year, $8.5MM contract, a person with knowledge of the negotiations told The Associated Press. The money will be divided evenly in each year as the left-handed reliever will earn $4.25MM in 2012 and '13.
Lopez had a base salary of $2.375MM in 2011 and was two innings short of earning a $25K bonus for reaching 55 innings. In 53 innings of work this year, Lopez registered a 2.72 ERA with 6.8 K/9 and 4.4 BB/9. The 34-year-old was expected to receive plenty of interest on the open market from teams in search of a quality matchup lefty.
The Giants now have to decide on the $5MM option for fellow lefty reliever Jeremy Affeldt. Sabean expects to retain Affeldt even if the club declines his option and renegotiates a new contract. The Giants have until the end of the day Monday to either exercise the option or pay a $500K buyout.