Lewis Hamilton will reportedly end months of speculation by announcing a new deal with Mercedes at this weekend’s Monaco Grand Prix.
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Hamilton has twice before stated that he was close to signing a new deal with the current world champions, but The Telegraph reports that the Brit will announce the deal in Monaco.
The 30-year-old has been linked with a move to replace Kimi Raikkonen at Ferrari, but it now seems he will remain put at the Brackley-based team.
Hamilton’s new three-year deal is believed to be worth in excess of £30m-a-season, a staggering £17m-a-season increase on his current deal which expires at the end of the 2015 season.
The two-time world champion currently leads the drivers’ standings after winning three of the opening five races.
He holds a 20-point lead over teammate Nico Rosberg, with the German sitting 11 points ahead of Ferrari’s Sebastian Vettel.
Hamilton will be hoping to extend his lead in the championship on the streets on Monaco this weekend, but he’ll haver to end a long drought at the famed track with his last win at the principality coming during his title-winning season in 2008.