Hamilton and Mercedes on verge of record mega-deal

The reigning Formula 1 World Champion and his Mercedes team have been in no rush to sign a new deal extension, insiders hint that there was a stumbling block over remuneration which is apparently now resolved.

The new mega-deal is likely to be announced between now and the eve of the British Grand Prix, most likely closer to Hamilton's home race where the announcement will have the biggest impact.

Hamilton is already one of the highest paid Formula 1 drivers of all time, up there with sport's biggest earners in recent years.

This weekend the Briton took the lead in the drivers' championship standings after a commanding win at the French Grand Prix, watched by Mercedes uber-chief Dieter Zetsche.

Team chief Toto Wolff confirmed at Le Castellet, "We don’t want to drag it out much longer. I expect it to be done very, very soon. Maybe it is about choosing the right moment."

For Hamilton, the extension deal is a no-brainer despite the delays and posturing between the two parties who both need one another more than they care to admit.

Hamilton has been powered only by Mercedes engines during his career in Formula 1. Over the past six years, he has won 44 times as a Silver Arrows driver and bagged three of his four world titles with the German team.

His teammates, Nico Rosberg (until the end of 2016) and Valtteri Bottas (current) have scored 25 victories collectively during the same period.

Mercedes could easily fill Hamilton's shoes should he decide to quit the sport or move to another team, but they know that the Briton brings much more to the team than victories. His star power is unrivalled by his fellow drivers on the Formula 1 grid.

The identity of his teammate is expected to be resolved quickly after Hamilton puts pen to paper, with the smart money being on Valtteri Bottas remaining with the team.