Two-time Cy Young Award winner Blake Snell and the San Francisco Giants have agreed to a $62 million, two-year contract, a person familiar with the negotiations told The Associated Press on Monday night.

The person spoke on condition of anonymity because the agreement was subject to a successful physical. Snell has the right to opt out after this season and become a free agent.

Snell gets a $17 million signing bonus payable on Jan. 15, 2026, and a $15 million salary this year. He would get $30 million if he keeps the contract for 2025.

A 30-year-old left-hander, Snell is 71-55 with a 3.20 ERA in 191 starts over eight major league seasons, winning Cy Youngs in 2018 with Tampa Bay and last year with San Diego.

Snell agreed to the deal 10 days before the opener at the Padres, setting up the possibility of Snell making his Giants debut against his former club. He joins a rotation that includes right-handers Logan Webb and Jordan Hicks and left-hander Kyle Harrison.

Right-hander Alex Cobb is working his way back from left hip surgery on Oct. 31.

The addition of Snell is another big move for a San Francisco team that gave South Korean outfielder Jung Hoo Lee a $113 million, six-year contract, sjgned Hicks to a $44 million, four-year deal and outfielder Jorge Soler to a $42 million, three-year contract, and then gave third baseman Matt Chapman a $54 million, three-year deal.