Lewis Hamilton is expected to sit down with the Mercedes bosses during the Abu Dhabi Grand Prix this weekend (26 November) to discuss a lucrative new deal.

The Briton, who wrapped up his fourth Formula 1 world title at the Mexico Grand Prix, is contracted to the Silver Arrows team until the end of the 2018 season, but they are keen to tie him down to a new deal at the earliest.

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Hamilton is keen to remain with Mercedes for the foreseeable future after immediately targeting a fifth world title after wrapping up the current season. He made it clear that he has no plans to hang up his helmet, like his former teammate Nico Rosberg did after winning the title in 2016.

According to the Sun, Mercedes are offering Hamilton a new three-year deal that will take him to the end of the 2020 season similar to the deal Sebastian Vettel signed with Ferrari earlier in the year. The report claims that the deal is expected to fetch the former McLaren driver £40m-a-year ($53.3m) bringing him on par with the aforementioned Ferrari driver, who is currently the highest paid driver on the grid.

The 32-year-old confirmed earlier in the month that talks over a new deal had already begun and indicated that it was just a formality once they figure out how to "enhance" his current deal in terms of wages and his duties to the team.

"It is quite an easy process for us," Hamilton said, as quoted on Sky Sports. "We already have something in place and it's really just about extending it and enhancing it, working on what more I can do for them, for the sponsors, the brand and vice versa.

"But I'm pretty sure within the next month or so we will have had time to have sat down. Now all the pressure is off, we can go and enjoy these next couple of races," he added.

Lewis Hamilton
Lewis Hamilton is expected to sign a new deal with Mercedes before the start of next season Getty