Heyman says the two sides are at least two years and "tens of millions of dollars" apart.
Timmy has said he wants an eight-year deal and if he can't get that, then he's happy to keep watching his annual salary inflate each year via the arbitration process.
The Giants offered the two-time Cy Young winner a four-year, $80 million dollar contract, Heyman says.
As to where they are now in their discussions, Heyman writes:
Neither side has suggested exactly where the Giants stand now, but people familiar with the talks suggest the sides are also weighing one- and two-year options now, a clear signal that they aren't yet close to agreeing on a contract of substantial length.
Lincecum, 27, who earned $14 million dollars last season, stands to make nearly $20 million through arbitration this year and can become a free agent after the 2013 season. The Giants would obviously like to eat up a year or two of his free-agent years with a long-term contract.
No matter what kind of terms are eventually hammered out between the two sides, this much is true: Timmy is going to get his.
I'll let you do the math: eight years at $20-$25 million per season.
If the Giants don't pony up, someone else will. The Red Sox and Yankees both have the cash and would love to sign Lincecum. They also have the types of lineups that could double Lincecum's 13-win total from last season.