Sebastian Vettel is set to extend his contract with Red Bull Racing through until 2014 according to reports in the German media.
The defending champion is out of contract at the end of the year but has an option on his deal, which is expected to keep him with the team that carried him to the 2010 title for another year.
Red Bull boss Dietrich Mateschitz and team principal Christian Horner have both made no secret of their desire to retain Vettel for the longer-term, despite continued speculation linking him to a deal with Ferrari at some point in the future.
According to Sport Bild
, Vettel is now close to signing a new deal to stay with the team, quoting Red Bull advisor Helmut Marko as saying that talks are ongoing with the German.
The report states that Vettel has been offered a retainer in excess of EUR 10 million per year to remain with the Milton Keynes-based outfit.
Vettel's team-mate Mark Webber is also out of contract at the end of the year, with the team looking at his deal on a yearly basis given his position as one of the elder statesmen on the grid.