SAN FRANCISCO (CBS SF/AP) — A person familiar with the negotiations says pitcher Jake Peavy has agreed to a $24 million, two-year contract to stay with the World Series champion San Francisco Giants.

The person spoke on condition of anonymity to The Associated Press on Friday because the agreement had not yet been announced.

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Peavy gets a $4 million signing bonus, $7 million next season and $13 million in 2016. The deal includes a full no-trade provision and award bonuses.

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A 33-year-old right-hander, Peavy helped Boston win the 2013 World Series, was traded to San Francisco on July 26 and won another championship with the Giants.

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