Giants sign lefty pitcher Drew Pomeranz

The Giants agreed to a one-year deal with left-hander Drew Pomeranz, who had a strong season with the 2017 Red Sox but struggled on the mound and with injuries last year.

The team made the announcement Wednesday afternoon. He’ll receive a base salary of $1.5 million with incentives that could increase his earnings to $5 million, according to multiple reports.

Pomeranz, 30, will provide the Giants rotation depth with Johnny Cueto rehabbing from Tommy John surgery and Jeff Samardzija coming off shoulder problems. Derek Holland, who led the staff in innings and strikeouts, re-signed last week.

After winning 17 games, posting a 3.32 ERA and striking out 174 batters in a career-high 32 starts two years ago, Pomeranz had a 6.08 ERA in just 74 innings in 2018, twice going on the disabled list with a left forearm flexor strain and left biceps tendinitis.

Pomeranz pitched for the A’s in 2014 and 2015 and last pitched in the National League with the 2016 Padres. In 2010, the Indians made him the fifth overall draft pick, and he was traded to Colorado in 2011.

To create room on the 40-man roster, outfielder Mike Gerber was designated for assignment.

John Shea is The San Francisco Chronicle’s national baseball writer. Email: Twitter: @JohnSheaHey

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