The 23-year-old Briton’s three-year deal with Williams expires at the end of 2021, making Russell a free agent as he looks to secure his F1 future for 2022 and beyond.

Russell has been heavily linked with a Mercedes seat thanks to his regular starring performances for Williams and is set to go head-to-head with Valtteri Bottas for a drive with the reigning world champions, assuming seven-time world champion Hamilton continues in F1.

Speaking about his future ahead of this weekend’s Monaco Grand Prix, Russell stressed he is targeting a multi-year contract regardless of where he ends up in 2022.

“I definitely think in the position I am currently being a free agent as such going into next year is a good position to be in,” Russell said.

“I think stability and longevity is important. I think it’s so clear with people moving around recently how difficult it is to jump in and adapt to a new team.

“Wherever I find myself next year, I’d like it to be for a couple of years, because it’s so important to have that consistency to be able to grow and progress.”

On Wednesday it was confirmed that Lando Norris had committed his future to McLaren by signing a new “multi-year” deal.

Russell, who beat Norris to the Formula 2 title in 2018, said he is “really happy” for his compatriot to secure a new deal and tipped the combination of Norris and Daniel Ricciardo at McLaren to be a “real threat” to the top teams in the coming years.

“He deserves it, he’s been doing a fantastic job recently,” Russell explained.

“McLaren, as a package with Lando, are doing extraordinary. It’s going to be interesting next year. I think they could be a real threat to the top teams and for the championship.”