Oscar Piastri will reportedly earn just under £500,000 a year under his McLaren contract that will see him race with the British team until the end of 2024.
The young Australian won the Formula 2 Championship last season, but could not find a seat in Formula 1 for this year.
He was promoted to the role of test and reserve driver for Alpine, shadowing Fernando Alonso and Esteban Ocon.
The French side were trying to tie the Spaniard down to a new contract that would see him remain with them until the end of next year, at which point they would review him.
This was insulting for the double world champion, so he decided to move to Aston Martin, and the Enstone-based team announced that Piastri would be joining Ocon in 2023.
However, the 21-year-old had been told that he might not have a seat until at least 2025 if Alonso extended further, and since he would still be a part of the Alpine system, it was also possible that he might not be on the grid at all in either of the next two seasons.
The two drivers were unhappy at being played against each other, so they both looked for an out, and while Alonso was making his deal with Lawrence Stroll, Piastri went to McLaren.
He signed with the British side to replace the struggling Daniel Ricciardo, but Alpine felt that they were owed compensation for the money they had put into their junior driver’s career, only for him to leave.
The contract recognition board (CRB) ruled that the contract was valid though, so the Melbourne-born racer was allowed to join the eight-time champions.
Norris is currently understood to be on around £16 million a year, but this will increase to around £20 million when he starts his new contract at the beginning of next season.
That deal takes the British driver through to 2025 with the Papaya squad, by which time they are hoping to be competing for wins and championships.
Piastri, according to the Herald Sun in Australia, will be on £466,000 a year, a significant amount less than the circa $14 million McLaren were reported to be paying Ricciardo.
The eight-time race winner is set to receive an additional £8 million in severance pay as a result of leaving McLaren a year before his contract was set to end.