Lewis Hamilton signs two-year contract extension with Mercedes

The reigning world drivers’ champion has ended speculation over his future with the team by agreeing a two-year contract extension for the 2019 and 2020 Formula One seasons

Lewis Hamilton has signed a new contract with Mercedes.

The reigning world drivers’ champion has ended speculation over his future with the team by agreeing a two-year contract extension for the 2019 and 2020 Formula One seasons.

Although Mercedes did not reveal specifics of Hamilton's contract extension it is understood that the four-time world champion will earn up to £40million a year until the end of 2020.

The 33-year-old’s new contract cements his status as Britain's biggest sporting earner as well as the best-paid driver in Formula One history.

Hamilton said on the Mercedes website: “This contract extension has basically been a formality since Toto and I sat down during the winter, so it's good to put pen to paper, announce it and then get on with business as usual.

“I have been part of the Mercedes racing family for 20 years and I have never been happier inside a team than I am right now.

“We are on the same wavelength both on and off track - and I am looking forward to winning more in the future and shining even more light on the three-pointed star. I'm very confident that Mercedes is the right place to be over the coming years.

“Although we have enjoyed so much success together since 2013, Mercedes is hungrier than ever - from Dr Zetsche and the board members at the top of Daimler, through (team boss) Toto (Wolff) and the team management, to every single person I meet in the corridors of Brixworth and Brackley.

“The competitive passion that burns bright inside me is shared by every single member of this group - always chasing the next improvement and digging even deeper to make sure we come out on top. I can't wait to see what we can achieve together in the next two-and-a-half seasons.”

Lewis Hamilton has signed a new deal with Mercedes (Getty)

Wolff said: “We have been aligned with Lewis ever since we first sat down to discuss the details of this contract after last season, but there has understandably been a lot of interest and speculation around the whole process, so it's good to put all of that to rest and get this thing announced.

“We signed the final documents this week and didn't want to keep people waiting any longer. There is not much about Lewis as a Formula One driver that hasn't been said already - he is one of the all-time greats and his track record speaks for itself. But what I enjoy most about working with him is getting to know the man inside the racing helmet - his relentless drive for self-improvement, his emotional intelligence as a team member and his loyalty to those around him.

“Mercedes has become Lewis' home in Formula One and his story is linked forever with the silver and green of Mercedes-AMG Petronas. I am very confident that we have some incredible chapters of our story together still to come.”

He has signed a two-year deal (Getty)

Hamilton will be nearing his 36th birthday at the conclusion of his latest contract, and he has made no secret of his desire to forge a career in fashion or music.

But the Englishman's immediate future remains in a sport that has helped transformed him from modest beginnings in Stevenage, Hertfordshire, into a global multi-million-pound superstar.

Hamilton is chasing his fifth world crown this season to join Michael Schumacher and Juan Manuel Fangio as the only other driver to have won more than four titles.

He is second to Schumacher, in terms of grands prix wins, and holds the record for the most pole positions in the history of the sport.

Hamilton with Michael Schumacher (Getty)

The decision to stay with Mercedes is set to have a domino effect on the driver market for 2019.

It is likely that Hamilton will be partnered by Valtteri Bottas for a third year with Mercedes content that the Finn is doing enough to retain his seat.