Lewis Hamilton is expected to sign a new contract with his Mercedes team which could see him earn £10m less than his current salary.

The 36-year old is probably among the greatest drivers in Formula 1 history.

He has won seven world championships since he joined the sport back in 2007.

Hamilton’s current contract is set to expire by the end of this season.

However, he is close to signing the new contract which will see him earn £30m a year, £10m less than what he currently earns.

‘Hot phase’ of negotiation taking place

Lewis Hamilton; Source: planetf1.com

Mercedes team boss Toto Wolff has revealed that the contract negotiations are soon expected to be finalized.

“We have such a close relationship and we talk to each other again and again when traveling or off the racetrack,” he said. 

“Of course, also about what an agreement could look like for the years to come.

“If I were to say that the contract has already been signed, that would not be correct.

“But we are beyond the status of exploratory talks. Now it’s the hot phase.

“I think we are way closer to an agreement than a separation. Because we also agreed that it is better not to negotiate until February, as was the case this year,” he concluded.

Hamilton aiming for eighth title

Hamilton and Toto Wolff; Source: motorsportmagazine.com

At the moment, Hamilton has his sight set on the eighth title. This will be his fifth win in a row if things go in his favor.

He is in the second spot in the driver’s standings with 138 points, 18 behind Max Verstappen.

Mercedes are second in the constructor’s championship with 212 points, 40 behind Red Bull.

We can assume from Wolff’s comments that the negotiations are being held in a positive light.

It will be an interesting sight to see how the developments take place from here.

Let us know what you think in the comments below!

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