LEWIS HAMILTON is set to confirm his status as Britain's highest-earning sportsman after finally agreeing terms on his new Mercedes contract, worth around £40million-a-year.
SunSport understands that while the Brit has not yet signed the deal, he is now happy with the terms he has thrashed out with his Merc bosses.
The contract is expect to run until the end of 2020 with the option for a third season - taking the deal up to £120million.
SunSport exclusively revealed the eye-watering sum last August and while Mercedes boss Toto Wolff wanted the contract signed before the Australian GP in March, the discussions over pay and days worked are now finally over.
The only matter that remains is the actual signing of the contract, which is expected to take place before the British Grand Prix at Silverstone next weekend.
After Hamilton's win in France last weekend, Wolff was quizzed about the contract and said: "We don't want to drag it out much longer.
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"I expect it to be done very, very soon. Maybe it is about choosing the right moment."
Hamilton's current deal, which expires in December, is worth around £30million a year, yet he wanted his new contract to reflect his status a four-time Formula One world champion.
The 33-year-old already comfortably tops the UK's sporting rich list with an estimated fortune of £160million - £50million ahead of golfer, Rory McIlroy.
Hamilton's new contract will also allow him to continue to broker his private sponsorship deals, such as with Monster Energy, L'Oréal and Tommy Hilfiger.
It is also expected to see him required for fewer media and sponsorship days for his Mercedes team.
And will allow him flexibility in his private life, allowing him to continue to take part in extreme sports, unlike most contracts in F1.
Mercedes are also weighing up retaining Valtteri Bottas as Hamilton's teammate, despite the Finn being out-classed by Hamilton.
Bottas has been desperately unlucky this season, yet Merc are pleased with the relationship between the two and are keen to avoid a repeat of Hamilton's turbulent relationship with his former teammate, Nico Rosberg.
Source : https://www.thesun.co.uk/sport/6631347/lewis-hamilton-is-set-to-sign-new-mercedes-deal-worth-40million-a-year/