£250m five-year deal until he's 43, is Hamilton's reported contract demand

The seven-time world champion wants to continue racing until the age of 43 as part of a new five-year deal that could see him pocket £250m if agreed, according to The Daily Mail. 

“Lewis wants five years, and if it were just a one-year extension I don't think he'd accept it,” an insider source is quoted as telling the British newspaper. 

“They may need to reach a compromise because, while George (Russell) has probably made peace with the idea of Lewis being around for a couple of years, he might not accept being in the shadow of his team-mate for the long-term.

“There is always a lure about Ferrari, but Lewis will probably think that his only hope of winning his eighth title is by staying where he is.

“Money is not a delaying factor.” 

Hamilton’s protracted negotiations appeared closer to reaching a conclusion after the 38-year-old Briton recently held further talks with Mercedes boss Toto Wolff. 

Wolff went as far as to suggest that Hamilton’s future could be resolved ahead of this weekend’s Canadian Grand Prix. 

But no announcement is expected this week, Sky Sports F1’s David Croft has reported. 

Hamilton was tight-lipped on the subject when he faced the media on Thursday. 

"I've seen Toto. We have talked several times. We have a great relationship. It will get done when it's done. If that's next week, in a month's time, as long as it's done I'm not really bothered,” he said. 

Asked whether progress has been made, Hamilton simply answered: "Yep. Nothing else new to add."