The Anaheim Angels are signing free agent pitcher Tim Lincecum to a major league deal, per multiple reports on the Tweetbox. Lincecum had previously been mentioned as a potential target for the Texas Rangers, but they wouldn't be in a position to give Lincecum a major league deal right now, and just signed Kyle Lohse to a minor league deal, so they aren't really a fit any longer.
Lincecum, who turns 32 next month, is no longer the pitcher who won back-to-back Cy Young Awards in 2008 and 2009. Since 2012, he has put up a 4.68 ERA and a 4.08 FIP in 615 IP, with a -2.7 bWAR over that time. However, he showed some improvement in 2015, putting up a 4.13 ERA in 15 starts (albeit with a 4.29 FIP).
The Angels, meanwhile, are in desperate need of starting pitching help. They lost Garrett Richards for the year with Tommy John surgery, Andrew Heaney and C.J. Wilson are on the d.l., and Jered Weaver isn't good any more. They just called up Matt Shoemaker and acquired Joulys Chacin, but are in need of someone who can go out there and look like a major league starter, so Lincecum makes sense for them.