Lewis Hamilton is expected to put pen to paper on the most lucrative deal in Formula 1 history making him the highest paid driver on the grid. The Mercedes driver will be out of contract at the end of the current campaign and has been in talks with his team over an extension since the end of last season.

Even after lengthy talks, they have been unable to reach an agreement in spite of both the driver and the team continually stating their commitment to each other. Hamilton revealed recently that an agreement was close and Mercedes echoed their driver’s statements.

Mercedes are currently embroiled in a monumental battle with Ferrari for the 2018 F1 Drivers’ and Constructors’ championships, which is likely to be one of the reasons for the delay. It is the first time in four seasons that the Silver Arrows team have been truly challenged on every race weekend.

As per Grand Prix247, an announcement of the new deal between Hamilton and Mercedes is expected during the upcoming German Grand Prix weekend, the team’s home race. It is claimed that the four-time world champion has agreed a three-year deal worth $170 million keeping him with the team until the end of the 2021 campaign.

Hamilton’s new deal will make him the highest paid sportsman in the history of the sport as it will beat the previous record held by Ferrari driver Kimi Raikkonen. The Finn is said to have been paid $153 million when the Italian outfit signed him from McLaren in 2007 until the end of his deal in 2009.

Lewis Hamilton
Lewis Hamilton is currently trailing Sebastian Vettel by 8 points in the F1 Drivers' championship. In this picture, Hamilton greets the public as he arrives in the pit lane ahead of the British Formula One Grand Prix at the Silverstone motor racing circuit in central England, July 8, 2018. ANDREJ ISAKOVIC/AFP/Getty Images

Raikkonen’s deal in 2007 is said to be more than what Sebastian Vettel is currently earning after signing a new three-year deal in 2017. The German, who is contracted until 2020, is said to be on a $150 million deal, currently the highest earner in the sport.

Hamilton is soon expected to move to the top of the pile with an earning $56.6 million per annum, which is unlikely to be topped anytime soon unless Red Bull Racing sensation Max Verstappen decides to switch teams in the near future.

Formula 1’s top three teams — Mercedes, Ferrari and Red Bull Racing — have only confirmed one driver in their team for the 2019 season with all three teams yet to decide on teammates for Hamilton, Vettel and Verstappen respectively.

Valtteri Bottas is expected to keep his seat at Mercedes after impressing in the first 10 races of the campaign, but it is unclear if Raikkonen will be retained with Ferrari said to be open to replacing him with Charles Leclerc, a Ferrari academy product, currently impressing his debut F1 season with Sauber.

Red Bull, on the other hand, are keen to retain Daniel Ricciardo, who is also out of contract at the end of the season. And it looks like they will be successful after it became clear that there is no room in either Mercedes or Ferrari for the Australian.

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