Hamilton, 38, has one year remaining with Mercedes but is in talks to sign a new deal and extend his F1 career.

According to sports-business source Sportune, these are the key numbers behind Hamilton’s new deal:

  • Hamilton offered to remain on the same salary of €35m (£31m / $38m) per year.
  • But he will be paid a €45m (£40m / $49m) salary per year.
  • €25m (£22m / $27m) bonus if he wins the championship.
  • Two-year deal (2024 and 2025).

Michael Schumacher vs Lewis Hamilton: The never-ending debate?

Hamilton has long been at No1 in the list of F1 driver salaries, above Red Bull’s Max Verstappen, and this new contract will see that reign continue.

But the crucial demand the driver is making from Mercedes, according to the report, is a commitment to support Mission 44, his foundation.

Mission 44 already has €8m (£7m / $9m) invested into it each year by Hamilton. That will increase to €15m (£13m / $16m).

A deal until Hamilton is 50?

His new two-year contract would end when Hamilton is 40-years-old in early-2025.

There are discussions to keep him on in a special ambassadorial role - and Hamilton wants a 10-year commitment from Mercedes, the report says.

That would reportedly pocket Hamilton €25m (£22m / $27m) from the Daimler Group who owns Mercedes-Benz.

Hamilton's generosity

He might be earning a lot of money, but he is also giving a lot of money away to the needy.

In 2022 Hamilton was named as Britain's fifth-most generous philanthropist, as part of the Sunday Times Rich List.

Hamilton donated £20m in the 12 months prior, calculated to be 6.7 percent of his net worth.