The 26-year-old Monegasque’s huge new deal includes a bumper pay rise that would see him fetch nearly €50m per season by the final year of the contract, according to Italy’s La Gazzetta dello Sport.
Leclerc is thought to be currently earning in the region of €25m per season and the new contract would steadily increase his pay packet on a year-by-year basis.
Such a deal would put the five-time grand prix winner on level terms with Red Bull driver and triple world champion Max Verstappen from a financial perspective.
Leclerc’s existing contract is due to expire at the end of 2024 and both parties are determined to agree fresh terms, with Ferrari keen to ward off potential interest from rivals including the likes of Mercedes.
The new deal, which Gazzetta claims will be announced in the “imminent” future, will also reportedly feature performance-related exit clauses.
According to the Italian publication, a break-clause will be inserted which would enable Leclerc to leave Ferrari after three years, providing the Maranello outfit are not in a competitive state.