Hamilton, 33, has been in discussion with Mercedes over a new deal for some time now but the four-time Formula 1 world champion has reportedly finally agreed terms.
According to a report from The Daily Mail the new deal will be worth £40 million-a-year which will cement his place as the best paid British sports star, ahead of the likes of Anthony Joshua and Gareth Bale.
The deal will commit Hamilton until 2020 with no option for 2021 because of the new rule changes that could totally shake up the sport.
Lewis Hamilton (Mercedes) - GP of France 2018
Image credit: Getty Images
The report adds that the new deal could be announced ahead of Hamilton’s home Grand Prix on July 8, or before the German Grand Prix a fortnight later.
Hamilton will be about to turn 36 when this new deal expires and that could mark an end to his F1 career despite the fact he has reportedly hinted he’d love to finish his career at Ferrari.
Hamilton is the new championship leader after winning the French Grand Prix on Sunday. He is now 14 points ahead of rival Sebastian Vettel, who finished fifth.