Mercedes F1 team boss Toto Wolff says no deal has been formally reached on Lewis Hamilton’s new contract but insists “it is just a matter of time” until it is complete.

After Sebastian Vettel and Max Verstappen signed long-term deals at Ferrari and Red Bull respectively towards the end of 2017, all eyes have been on Hamilton’s expected new F1 contract to stay at Mercedes.

Despite positive reports from both Hamilton and Mercedes no deal has been officially settled to keep the four-time F1 world champion at the German manufacturer until the end of his current contract which expires at the end of 2018.

Mercedes team principal Wolff has issued an update on the contract situation with the British driver and is confident he will re-sign in the coming weeks despite no agreement being signed off yet.

“Lewis has become such an important pillar within the team that it is a no-brainer that we continue with each other,” Wolff said. “The discussions are ongoing and are very positive with a good mindset so it is just a matter of time until we seal and put a signature on the documents.”

Reports have estimated a bumper £120m three-year deal has been tabled to Hamilton to keep him at Mercedes until the end of the 2021 season with delays on the deal focused around smaller details.

Hamilton has previously stated he will only stay in F1 as long as he enjoys the sport and competing but has ruled out the possibility of a shock retirement in the same style as former Mercedes team-mate Nico Rosberg.

Hamilton will line-up with Valtteri Bottas as the Mercedes driver pairing in 2018 for a second consecutive F1 campaign after the Finnish driver become Rosberg’s 11th-hour replacement at the start of last year. Mercedes will launch its 2018 F1 car, W09, at Silverstone on the 22nd February which is the same day as Ferrari reveals its new F1 challenger.

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