He reportedly will be healthy enough to throw for scouts in January.
Last season, the right-hander made 15 starts and compiled a 7-4 record with a 4.13 ERA. He also recorded a career-low 7.1 strikeouts per nine innings.
His hip condition was linked to a drop in velocity.
Yahoo Sports reports Lincecum has been rehabbing in Arizona. Lincecum knows believes he can regain some of the missing velocity from years' past and get back over 90 mph on his fastball.
In nine seasons with the Giants, his record is 108-83 record and he has thrown two no-hitters.