The deal will pay Lincecum about $2 million for the remainder of the 2016 season with the opportunity to make an additional $1.7 million in incentives, MLB Network reported.
Lincecum has not pitched since June 27 last year with the San Francisco Giants because of a degenerative hip problem. The free agent, who turns 32 in June, had arthroscopic hip surgery Sept. 3 and did not sign with a team after concluding a $35 million, two-year deal in 2015.
Lincecum has spent his entire nine-year career with the Giants. Last season in 15 starts, he compiled a 7-4 record with a 4.13 ERA.
In an 11-month span between July 2013 and June 2014, Lincecum pitched two no-hitters. He has been an All-Star four times and helped the Giants win World Series titles three times in five years.
Lincecum won the Cy Young Award in consecutive seasons in 2008 and 2009. He went 18-5 with a 2.62 ERA in 2008 and 15-7 with a 2.48 ERA the following year.
The Angels need starting pitchers after losing ace Garrett Richards to a torn ligament in his pitching elbow. Tyler Skaggs had 2014 Tommy John surgery and is recovering. C.J. Wilson had bone spurs removed from his pitching elbow and has yet to play this season. Ace Jered Weaver has struggled since going 3-0 with a 3.86 ERA in his first four starts. Weaver is 3-3 with a 5.76 ERA in eight starts.