F1 correspondent gives major update on Lewis Hamilton-Mercedes contract extension

According to F1 reporter Lawrence Barretto, Lewis Hamilton is close to signing a contract extension with Mercedes. In Barretto's words, it's not a matter of 'if,' but 'when' the contract will be signed.

Hamilton's current contract with the Brackley-based outfit lasts till the end of this season. There have been rumors of him shifting to Ferrari or other teams after his current deal expires.

However, that seems unlikely to happen, and as Barretto wrote on the F1 website, the contract extension will happen eventually. He feels that the Mercedes seat is the best for the seven-time world champion in 2024.

Barretto wrote:

"The best seat still technically available for 2024 sits at Mercedes alongside George Russell. But in reality, it’s a matter of when, rather than if, Lewis Hamilton finally puts pen to paper to keep it in his possession and extend his stay at the Silver Arrows."

Lewis Hamilton has been chasing his eighth world championship for the past two seasons, but the cars (W13 and W14) have failed to deliver the power. While Red Bull is sitting at the top of the standings this season, Mercedes are stuck between Ferrari and Aston Martin.

The car looked strong earlier, especially after the upgrade that was brought in at Monaco, following which Hamilton was on the podium numerous times. But in Belgium he looked slow again, stuck behind Charles Leclerc.

Leclerc leading Hamilton during the 2023 Belgian GP (Photo by Peter Fox/Getty Images)

Unstable performances and upgrades have led to questions about the competitiveness of the car and speculation over Hamilton's future. However, Barretto wrote that neither Mercedes team principal Toto Wolff nor Lewis Hamilton appear worried about the situation.

"Neither Mercedes boss Toto Wolff nor Hamilton appear stressed by the amount of time it is taking to get a new deal over the line. They’ve both said that the key terms – including money and length of the arrangement – have been agreed."

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Lewis Hamilton delayed previous contract as well, reveals Barretto

Writing about the Brit's previous contract extension with Mercedes, Barretto stated that it was a similar situation in the 2021 season as Hamilton had not extended his contract until very late.

There was a delay in the extension, which was ultimately done right before the pre-season in 2021. Although this was only a single-year contract extension, it was later extended till the end of the 2023 season.

"Hamilton has left it late to sign a new deal in the past. It wasn’t until the eve of pre-season in 2021 that he inked a one-year extension to race in that upcoming campaign. Just six months later, he penned a new two-year deal, taking him up to the end of 2023," Barretto wrote.

Lewis Hamilton has had immense success with Mercedes and it seems unlikely that he would decide to part ways with the team after just two seasons of underperformance.