Angels sign two-time Cy Young winner Tim Lincecum

The Tim Lincecum sweepstakes is over.

Less than two weeks after his showcase in Scottsdale, Ariz., the Los Angeles Angels finalized a deal to sign the two-time National League Cy Young winner to a one-year deal. The contract will pay him a base salary around $2 million with $1.7 million in incentives, according to multiple reports.

A press conference is scheduled for 5:00 p.m. ET to announce the deal.

The Angels are in desperate need for pitching depth with injuries to Garrett Richards (trying to avoid Tommy John elbow surgery with stem-cell therapy), C.J. Wilson (recovering from elbow surgery for bone spurs, and isn’t expected back until June), Andrew Heaney (out indefinitely with a flexor tendon problem in his forearm plus some UCL damage) and Tyler Skaggs (coming back from Tommy John surgery).

Lincecum, 31, has been working his way back from September hip surgery and held an audition for in front of about 50 spectators – including scouts, media and representatives -- on May 6 and said afterwards he "definitely" wanted a starting role.

"I know I've been working my butt off with pitch counts, working off that five-day rotation to try to elongate myself as a pitcher and as a starter," Lincecum said after his audition.

Lincecum, who once topped out in the high 90's, reached 91 mph, but threw in the high 80s, low 90s consistently during his showcase, according to some spectators.

Lincecum previously spent his nine-year big-league career with the San Francisco Giants. But he has struggled ever since the 2012 season. He pitched to a 4.68 ERA and 2.16 K/BB ratio and has seen his velocity drop increasingly ever since.

While his timeline still remains unclear of when he would return, this would be a much-needed addition for the Angels rotation.

The Angels sit in fourth place in the AL West at 18-22 behind the Seattle Mariners, Texas Rangers and Oakland Athletics.