Mercedes is close to finalising the final topics of Lewis Hamilton's new Formula 1 contract that will keep him with the team beyond the end of the season, according to the manufacturer's racing chief, Toto Wolff.

Four-time F1 world champion Hamilton has entered the final year of his current deal with Mercedes, but is widely expected to put pen to paper on a new, multi-year agreement that would continue the successful partnership which started in 2013.

Both Hamilton and the team have expressed confidence that talks would be sewn up in the near future, with Wolff issuing an update in Australia last weekend.

"We have been discussing going into the winter and we kind of left it there to get away from F1," Wolff said.

"We picked it up again in January and these discussions are going in the right way.

"We are about to finalise the last topics, and there is no reason to think that is not going to happen soon.

"He’s in a good frame of mind. I’ve seen him coming back strong from the winter."

Hamilton kicked off his title defence with a run to second place in Sunday's Australian Grand Prix, narrowly losing out to Sebastian Vettel after leading the early part of the race from pole position.

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