The Mercedes F1 Team and Sir Lewis Hamilton have agreed terms of a contract extension, according to reports.
Specifically, F1-Insider.com has cited a source as saying that Hamilton has agreed a one-year extension with an option for another year.
READ: Verstappen Would Be Faster Than Hamilton At Mercedes, Title Fight Would Be Close – Ex-F1 Driver
The report added that he will be paid roughly €40 million (circa £35mn) and, as part of the new deal, the seven-time World Champion will be given private advertising space on his helmet and on his race suit.
Last month, amid reports that the Silver Arrows were considering replacing Hamilton with George Russell, a Mercedes source told Formula1News.co.uk that his future with the team was never in doubt.
“Lewis’ future here was never in doubt. It’s just a question of time,” the source said.
“I’m confident it will be wrapped up and announced sometime in Feb.”
Earlier, the same source said: “Any suggestion that Lewis won’t be with us this year is simply fake news. Plain and simple.
“There is no reason he and Valtteri won’t be driving our cars in 2021. You can consider it confirmed,” the source added.
READ: Lewis Hamilton’s Contract Saga Has Become ‘Embarrassing’ – Ralf Schumacher