Lewis Hamilton could ink new £50m multi-year deal with Mercedes THIS WEEK

Lewis Hamilton’s drawn-out contract negotiations over a new £50million deal could be resolved before this weekend’s Canadian Grand Prix, according to team principal Toto Wolff.

The prospect of the seven-time world champion re-signing comes six months before his current deal expires, and after interest from Ferrari blew up and fell away.

‘It is going to happen soon, and we are talking more days than weeks,’ said Wolff of the likelihood of Hamilton staying.

‘We are trying hard (to get it done before the Canadian Grand Prix). I will see him today and maybe we will talk about it.

‘We have such a good relationship that we dread the moment that we need to talk about money.’

Toto Wolff (pictured) is confident a new deal will be struck with Lewis Hamilton at Mercedes

Hamilton is set to stay loyal to Mercedes despite difficulties with the car since early 2022

The pair shared the stage at Forbes’ 2023 Iconoclast Summit in New York on Monday

This week’s meeting follows negotiations last week after the Spanish Grand Prix, where Mercedes finally showed an upturn in fortunes with Hamilton finishing second and team-mate George Russell third.

The 38-year-old Hamilton, it is understood, is seeking a multi-year, taking his driving career beyond the age of 40. His new terms may also contain clauses about his desired role as Mercedes ambassador when he finally decides to retire.

‘Lewis is the most important personality in the sport,’ added Wolff in conversation with CNBC’s Squawk on the Street programme in New York.

‘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.

‘From a team’s perspective, Lewis and Mercedes have gone back a long time. He has never raced for any other brand than Mercedes.

‘We both joined the team in 2013 together, and from a professional relationship, we now have a friendship. It has been a wonderful time.’

Hamilton is desperate to stay on in search of a record-busting eighth world title, but had not won since losing the final shoot-out to Max Verstappen in Abu Dhabi at the end of 2021. He is 83 points off the title pace this year, so realistically must wait until next year for a shot at realising his dream.

Wolff added: ‘The result in Spain was a well-deserved reward for everyone’s efforts at Brackley and Brixworth. It provides a baseline to work from, but we must also manage our expectations. It was a circuit that suited our car, and expect our direct competitors to be stronger in the next races.

‘The gap to Red Bull is large and it will take lots of hard work to close that down. Nevertheless, we’re up for the challenge.’