Update (12:35 pm): Jon Heyman and others are reporting that it’s a done deal.

According to a source, the Giants are nearing a deal with Tim Hudson that could be announced as soon as today. The reported figures: two years and $23 million.

Hudson, 38, has earned $9 million per season in each of the last four years with the Braves, and sources recently told Henry Schulman that “the Braves apparently offered him a contract with a significantly smaller salary than he earned last year, one he is not inclined to accept.”

If the numbers we’re hearing are true, this stays in line with the Giants’ strategy of going higher on average annual value as long as it means being on the hook for fewer years.

Hudson made 21 starts in 2013 with a 3.97 ERA. His last start came on July 24 at Citi Field, when Hudson fractured his right ankle while covering first base when Eric Young stepped on him (click on that link at your own risk, it’s a pretty gruesome .GIF).

Hudson, who underwent Tommy John surgery in 2009, has pitched 200+ innings in eight different seasons, including 2010 and 2011. He has never been much of a strikeout guy, but he doesn’t walk many hitters either. Hudson is known for using his two-seamer to induce ground balls — his ground ball percentage has been above 55% in every season since 2002.

If the Giants do add Hudson, that would leave one more rotation spot to go along with Madison Bumgarner, Matt Cain and Tim Lincecum.

One other note: our source tells us that Bronson Arroyo wanted more money than the two-year, $35 million deal Lincecum got, so the Giants have cooled on the idea of adding him to their rotation.