Report: Hamilton seeking $50 million-a-year contract extension

With the talks put on hold during F1's hiatus due to the COVID-19 pandemic, is reporting that Hamilton is seeking a $5 million improvement on his soon-to-expire $45m-a-year contract once the sport returns to racing this weekend in Austria.

Currently one of the two highest-paid drivers in Formula 1, the Briton is almost guaranteed to become the sport's highest-earner regardless of whether he attains a wage increase or not, as his closest financial competitor Sebastian Vettel has been unable to agree his own terms on extending his current €40m ($45,022,000) per-year contract with Ferrari.

Additionally, with Ferrari's move to replace Vettel with Spaniard Carlos Sainz, Hamilton cannot use the bargaining chip of his long-rumoured courtship by the Scuderia to drive up his price, although it is expected the Silver Arrows are still willing to negotiate a wage increase of some amount for their star driver.

As to the matter of the length of the new contract, no duration has been specified, although the 35-year-old Hamilton has given no indication he intends to slow down any time soon.

However, the same can not necessarily be said for Hamilton's boss, Toto Wolff, with the Mail