LEWIS HAMILTON is set to sign a bumper new £50million deal “in days”, says Mercedes chief Toto Wolff.
The legendary seven-time world champion only has six months left on his current contract, which is thought to be worth around £40m a year, with the Formula One team.
Ferrari were reportedly interested in snapping up the 38-year-old before that interest seemed to cool.
Now it seems that Hamilton will commit his future to Mercedes before this weekend’s Canadian Grand Prix.
Speaking on the likelihood of the Brit staying, Merc team principal Wolff said: “It is going to happen soon, and we are talking more days than weeks.
“We are trying hard. I will see him today and maybe we will talk about it.
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“We have such a good relationship that we dread the moment that we need to talk about money.”
These latest negotiations follow Mercedes’ upturn in fortunes at the Spanish Grand Prix.
Hamilton finished second while his compatriot and team-mate George Russell claimed third.
Hamilton is believed to be seeking a multi-year contract that would take him past his 40th birthday.
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And the deal could also contain clauses about his desired role to be a Mercedes ambassador following his retirement from driving.
Wolff, who was speaking to CNBC's Squawk on the Street programme, continued: “Lewis is the most important personality in the sport.
“He is so multi-faceted, not only with the racing, but also off track, so we need to keep him in the sport for as long as possible.
“From a team's perspective, Lewis and Mercedes have gone back a long time. He has never raced for any other brand than Mercedes.
“We both joined the team in 2013 together, and from a professional relationship, we now have a friendship. It has been a wonderful time.”
Hamilton, who is desperate for a record-breaking eighth world title, was famously pipped by Max Verstappen in the final race of the 2021 campaign.
He has not recorded a victory since with his car suffering a number of issues and is currently 83 points off the pace this term.
Wolff added: “The result in Spain was a well-deserved reward for everyone's efforts at Brackley and Brixworth. It provides a baseline to work from, but we must also manage our expectations. It was a circuit that suited our car, and expect our direct competitors to be stronger in the next races.
“The gap to Red Bull is large and it will take lots of hard work to close that down. Nevertheless, we're up for the challenge.”
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