Holland appeared in 31 games this season, posting a 2-4 record with a 5.90 ERA and 71 strikeouts. Holland signed a one-year, $7 million contract in January to return to for a second year with the Giants.
The move was part of a series of Sunday transactions by the Giants. They also brought up left-hander Conner Menez and infielder Zach Green from Triple-A Sacramento. Menez takes the place of Drew Pomeranz in San Francisco's rotation.
Left-hander Ty Blach was also optioned to Sacramento.
The Associated Press contributed to this report.