Giants president and chief operating officer Larry Baer indicated Saturday that the Giants aren't close to agreeing on a contract extension for right-hander Matt Cain, who minutes earlier said for the first time that he's seeking a deal of "fair value."

Asked if any common ground exists between Cain and the Giants, Baer, who visited Scottsdale Stadium on Saturday, said, "To be determined. To be determined."

Baer declined to comment on the status of talks with Cain's agents, but added, "Any time you're talking, it's a good thing, and we'll talk. ... It's been a lot of back-and-forth conversations."

Baer affirmed that signing Cain, a two-time All-Star who can be a free agent after the upcoming season, is a leading priority. Cain, 27, ascended through the Giants' Minor League system to reach the Majors late in the 2005 season and is their longest-tenured player. He has reached or exceeded the 200-inning level five years in a row and pitched 21 1/3 innings spanning three starts in the 2010 postseason without yielding an earned run.