The Giants and outfielder Gregor Blanco have agreed to a two-year contract, according to The San Francisco Chronicle.
The deal, which is reportedly worth $7.5 million, allows the two sides to avoid an arbitration hearing.
Blanco and the Giants reportedly exchanged arbitration figures for a one-year deal on Friday. The 31-year-old outfielder asked for $4 million, while the Giants had countered with $3.3 million.
Under terms of the two-year pact, Blanco will earn $3.6 million in 2015 and $3.9 million in 2016.
In a career-high 146 games in 2014, Blanco hit .260 with a .333 on-base percentage, 18 doubles, six triples and 16 stolen bases.
During the Giants' run to their third World Series crown in five seasons, Blanco was the teams' starting center fielder due to Angel Pagan being sidelined after back surgery. In 17 games, he collected 11 hits, scored 10 runs, hit one home run and drove in five runs.
Blanco earned $2.525 million in 2014.
[RELATED: Report: Giants sign Aoki to one-year deal]
On Friday, the Giants reportedly signed free agent outfielder Nori Aoki to a one-year, $4 million deal.