Mercedes motorsport boss Toto Wolff says Lewis Hamilton's new three-year deal with the team 'respects' his current market value amidst speculation the contract represents the largest in F1 history.

Rumours over the terms of the contract have been rife in recent weeks, not least because of the time it has taken for both driver and team to come to a formal agreement, with some figures well in excess of ?40 million per year being suggested.

Though the figures of the contract have not been revealed, Wolff simply says Hamilton's deal - which will see him remain with Mercedes for the next three seasons - reflects his value in the market at this current time.

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"Continuity is one of the key factors for delivering success in Formula One and we now have that in place," he said. "Lewis enjoyed an historic World Championship season with Mercedes-Benz last year and it was a priority for this season to renew his contract for the next term. We have taken the right amount of time with the process and not rushed ourselves.

"The result is a strong agreement that will enhance Lewis' association with the Mercedes-Benz brand, and that recognises and respects the market value of Lewis and of Mercedes in Formula One. Lewis' sporting track record speaks for itself and he is a great personality for the company.

"Personally, I am looking forward to continuing to race with the strongest driver pairing in Formula One and to more historic achievements together."