Newly signed San Diego Padres pitcher James Shields turned down a four-year $80 million offer from the San Francisco Giants just weeks before signing his deal with the Padres, according to John Heyman of CBS Sports.

Shields’ contract with San Diego is worth only $75 million and was signed earlier this month; the deal does feature a fifth-year club option.  The Chicago Cubs also offered Shields a deal worth a larger yearly salary, but it was only a three-year offer.

There had been many rumors this offseason that Shields had turned down larger offers – including some saying he turned down as much as $110 million – but nothing could be confirmed until now.

The 33-year old is coming off a strong year for the Royals by finishing 14-8 with a 3.21 ERA.  It was the eighth straight season where Shields was able to win at least 11 games and the fourth straight season where he tossed over 225 innings.  He also enjoyed much team success in 2014 as Kansas City went to the playoffs for the first time since 1985 and captured the American League crown.  It was the second trip to the World Series for Shields personally, but he struggled in the postseason going 1-2 with a 6.12 ERA.

Heyman’s report claims that San Francisco re-signing Jake Peavy made the team pull their offer for Shields.  Peavy, also 33-years old, signed a deal worth $24 million over the next two years to stay with the defending World Series champions.  He was very solid after coming over from Boston in a trade last July, going 6-4 with a 2.17 ERA over 12 starts.

Shields has been living in San Diego the past few years and it is possible that the location factor did make it easier for him to turn down more money from other teams.

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