Is Lewis Hamilton negotiating his next big payday with Mercedes?

Lewis Hamilton is reportedly in talks with Mercedes to work out the details of a new contract that could net the legendary racing champion one of the biggest paydays in Formula One history. 

French sports outlet 20 Minutes reported on a story from popular Formula One blog Sportune, stating that Hamilton had allegedly been offered a generous contract that would earn him roughly $76 million a year for the 2024 and 2025 seasons. 

“That is a 55% raise over his current base salary of €45 million (US$49 million),” according to Insider sports journalist Cork Gaines. 

“It is also the same amount he would make — including a bonus — if he were to win the F1 championship under his current contract,” Gaines continued. 

“In other words,” Gaines added, “the new deal would essentially pay him as if he won the title each year, even if he doesn't.”

According to the report from 20 Minutes, Hamilton originally offered to extend his current contract with Mercedes but with an extra brand ambassadorship that would earn him $270 million over ten years. 

“Hamilton is aiming for a 10-year ambassador deal with the Daimler Group (Mercedes-Benz), for which he would ask around 25 million euros a year,” according to 20 Minutes. 

News regarding Hamilton’s new contract has been tight-lipped so far but a spokesman for Mercedes told Italy’s Formu1a.uno that negotiations had yet to begin. 

“Obviously, the winter doesn’t stop the rumour mill, and it’s been entertaining to read speculation about contract discussions when they haven’t yet begun,” the statement reportedly read.

“The rumours seem to have started on a French blog, Sportune, with which we don’t have a relationship – and are pretty wild in terms of what they suggest! Toto [Mercedes boss] stated on record last Friday that discussions haven’t yet begun, and that’s exactly the situation,” the report added. 

Even if negotiations haven’t started yet, Mercedes chief Toto Wolff doesn’t expect them to be drawn out or difficult.

"We have a full year to go," Wolff said, according to reporting from PlanetF1. "We're so aligned."

In the last 10 years, our relationship has grown that it's just a matter of him physically being back in Europe, sticking our heads together, wrestling a bit, and then leaving the room with white smoke after a few hours," Wolff added. 

Hamilton’s current contract with Mercedes will expire at the end of the 2023 racing season, which gives Wolff and Mercedes lots of time to sort out the details of any future contract. 

Hamilton hasn’t commented on whether or not he’s already negotiating with Mercedes, but a clue posted to his social media might indicate that rumours about his new contract are just that—rumours. 

On January 14th, Hamilton shared pictures of himself celebrating his birthday in Antarctica — indicating that he wasn’t in a room with Mercedes representatives, sorting out the details of his future with the team. 

Photo by Instagram @lewishamilton