Lewis Hamilton to sign new contract before 2023 Canadian GP

Lewis Hamilton's new contract is reportedly set to keep him at Mercedes until the end of 2024.

Mercedes team principal Toto Wolff has insisted this week that Lewis Hamilton will be signing a new contract “soon”, with the Austrian having revealed that it’s a matter of “days” not “weeks” until it’s announced.

Hamilton’s future has been one of the biggest talking points so far this season, mostly due to reports that Ferrari were preparing a £40 million offer for the seven-time World Champion.

Wolff, Hamilton, and Ferrari were all quick to quash the rumours though, as was Charles Leclerc who was rumoured to be going the other way.

Leclerc was linked to having secret conversations with the Silver Arrows, another rumour which was quickly silenced.

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Based on recent reports, it’s expected that Mercedes are going to offer Hamilton a one-year extension, taking him to the end of 2024.

Whether this will be announced before this weekend’s Canadian Grand Prix remains to be seen; however, Wolff is “trying hard” to get the 38-year-old to put pen to paper.

“It is going to happen soon, and we are talking more days than weeks,” Wolff said in New York, where he was with Hamilton at a Forbes event, as reported by Grandpx.news.

“We are trying hard.

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“I will see him today and maybe we will talk about it.”

How much Hamilton will earn through his new contract is something which will likely be discovered quickly, especially as he has often been the best-paid driver in F1.

Max Verstappen took that honour from Hamilton last year though, when he signed his long-term lucrative deal with Red Bull, taking him to the end of 2028.

Whether Hamilton will reclaim the title of being the sport’s highest earner will presumably be revealed shortly, with Mercedes recognising that the 103-time race winner is the “most important personality” on the grid.

That title alone comes with a sizeable price tag, adding to Hamilton’s value.

Wolff has admitted that discussing money with the British driver is something that they both “dread”, due to how good their relationship is.

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“We have such a good relationship that we dread the moment that we need to talk about money,” Wolff said.

“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.”