Closer candidate Brad Hennessey and the Giants avoided arbitration by agreeing to a one-year, $1.6 million contract Friday, leaving two Giants players -- Kevin Correia and Vinnie Chulk -- still in the salary arbitration process.

Hennessey, a right-hander who will be 28 next season, will compete with Brian Wilson and Tyler Walker for the closer role. Hennessey led the Giants in appearances with 69 and saves with 19 while going 4-5 with a 3.42 ERA, but Wilson assumed the closer role the last two weeks of the season.

Hennessey converted 19 of 24 save attempts overall, including a stretch of 14 consecutive conversions from June 30-Aug. 31, the longest by a Giants pitcher since Robb Nen had a 28-save streak in 2000. The Giants' first-round selection in the 2001 First-Year Player Draft, Hennessey has compiled a career record of 17-18 with 20 saves and a 3.77 ERA in 131 Major League appearances, including 40 starts.

Meanwhile, right-handers Correia and Chulk exchanged salary arbitration numbers with the club Friday.

Correia, a 27-year-old expected to compete for the fifth starter role this year, asked for $1.3 million with the Giants offering $850,000. Correia was 4-7 with a 3.45 ERA in 59 appearances in 2007, including a 3-1 mark and 2.54 ERA in eight starts.

Chulk, a 29-year-old reliever, asked for $975,000 while the team offered $725,000. Chulk missed the last month of the season after being diagnosed with a rare circulatory ailment called Buerger's Disease, possibly caused by smokeless tobacco use. Chulk went 5-4 with a 3.57 ERA in 57 appearances before being placed on the disabled list Aug. 24.