Hamilton pocketed £44m through his ‘on-field’ activities, even without race win or world championship bonuses, over the past 12 months, according to Forbes’ list of the world’s highest-paid athletes

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With an additional £8m earned through sponsorship deals, Hamilton took a combined total of £52m, more than his great F1 rival and reigning world champion Max Verstappen

The figures offer a glimpse at the huge contract that he is currently negotiating with Mercedes. 

Given Hamilton earned £44m despite enduring the worst F1 season of his career, it can be assumed that his new contract will be in this ballpark. And it could be worth even more when bonuses are taken into account. 

The seven-time world champion’s current contract, signed in July 2021, expires at the end of the season but Hamilton and Mercedes are locked in negotiations over fresh terms. 

Despite the continued uncertainty over his F1 future, a contract extension is considered a formality by both Hamilton and Mercedes. 

What has Hamilton said about a new deal? 

At the Azerbaijan Grand Prix, Hamilton told ESPN that he still feels “in my prime” and plans to remain in F1 for several years to come. 

Amid speculation linking Hamilton with a sensational switch to Ferrari, the 38-year-old Briton sees Mercedes as his home. 

"I'd be lying if I said I'd never thought about ending my career anywhere else," Hamilton said. "I started at McLaren, I'd like to think I'll always be a part of the McLaren family. I started there when I was 13 years old [as a junior driver], so I thought about what it would look like if I was at McLaren one day.

"I thought about and watched the Ferrari drivers on the screens at the track and of course you wonder what it would be like to be in red... But then I go to my team, to Mercedes, and this is my home. I'm happy where I am. I haven't signed a contract yet, but we are working on one.”

What is Mercedes’ stance? 

Mercedes boss Toto Wolff described negotiations with Hamilton as “a work in progress” but insisted a new deal will “eventually” be signed between the two parties. 

“It’s been 11 years that we’ve been together and every single time when we talk about Lewis’ contract, it’s six months of where are we and what is happening?” Wolff said at the Miami Grand Prix. 

“And we keep saying the same thing, that we are just rolling on. It’s not any difficult contract negotiations. It’s just putting a few different numbers in there. That’s what we do. 

“We are working on this. It’s a work in progress, bouncing emails back and forth and eventually we are going to sign it.”