SAN FRANCISCO -- Giants senior vice president and general manager Brian Sabean agreed in principle Thursday to a multiyear contract to remain with San Francisco.

The length of the new deal for Sabean has not been finalized. Sabean said it was important for him to agree to a preliminary deal with the Giants, because decisions must be made quickly on other important matters -- including the future of manager Dusty Baker.

Sabean put together the San Francisco team that won the NL pennant this year and lost the World Series in seven games to the Anaheim Angels last Sunday.

"I don't think this comes as any great surprise,'' Sabean said of his decision. "It's been a very humbling year how far we've come. It's a great reward to win an NL championship ring, and I will wear it proudly. I don't think our business is done here. Who knows, maybe it's just begun.''

Sabean, hired as GM after the 1996 season, built a team that went to the World Series for the first time since 1989. During his tenure, the Giants won the NL West in 1997 and 2000.

"It gives me great pleasure to make this announcement, because Brian Sabean deserved this commitment from the Giants,'' owner Peter Magowan said. "He quickly rebuilt our club after his hiring in 1996, has constructed an excellent six-year track record of winning teams and has taken us to the World Series. Brian has clearly distinguished himself as one of the premier general managers in the game today. We feel fortunate that our team is in extremely good hands for the future with Brian and his staff.''

Magowan said after the World Series that taking care of the GM job was first on his list, then he would leave it up to the GM to hire a manager. Baker's contract is up and it is uncertain whether he will return.

Sabean had said he would call Baker within "five minutes'' of re-signing as GM. He did not want to discuss personnel issues Thursday, and did not offer a timeline for when decisions will be made.

Sabean said he decided back in August that staying in San Francisco probably would be the best thing for his career.

Witnessing the excitement at Pacific Bell Park when the Giants won Game 5 of the World Series just helped solidify his choice.

"To be the focus of the baseball universe that night is something I'll never forget,'' Sabean said.

He acknowledged the Giants could look much different next year, but stressed they would put a winning team on the field.

"There are always challenges,'' he said. "We're all challenged by the degree of difficulty. We've kept it simple, though. We're going to find a way. When players arrive at spring training and look around the clubhouse, they're going to believe they can be a playoff team.''

Said chief operating officer Larry Baer, "Brian and his staff find a way, and those are real important qualities.''

When asked whether permission had been granted to any other clubs to talk to Baker, assistant GM Ned Colletti said, "I have no idea.''

In player news, pitcher Tim Worrell's $2 million option was exercised Thursday by the Giants, who declined a $3.5 million option on right fielder Reggie Sanders.

Sanders, who had a mutual option, gets a $500,000 buyout.

In addition, third baseman David Bell declined his $3.5 million option. Because Bell turned down the mutual option, he doesn't get a buyout.

Bell and Sanders became eligible for free agency.

"First and foremost, I want to thank Tim, Reggie and David for everything that they gave to the Giants this past season,'' Sabean said. "We would not have had nearly the season we had without these three players and the professionalism they brought both on the field and to the clubhouse.''

Worrell was 8-2 with a 2.25 ERA, tying for the most wins by an NL reliever. His 80 appearances were the most on the Giants and a career high.

Sanders, a 12-year veteran, had agreed to exercise his part of the option earlier in the week. He hit .250 with 23 home runs and 85 RBI, and started 16 of the Giants' 17 postseason games.

Bell, acquired from the Seattle Mariners last offseason, started at all four infield positions -- mostly third base -- while hitting .261 with 20 homers and 73 RBI. He is the son of former Colorado manager Buddy Bell and grandson of former major leaguer Gus Bell.