Lewis Hamilton: 'New Mercedes contract 99.6% done'

Lewis Hamilton is poised to sign a new contract with Mercedes which could be worth over £27m per year.

BBC Sport reports that Hamilton will earn a basic salary of £20.9m which could rise to over £27m after win bonuses.

"It should be done this week. There is no reason it shouldn't," Hamilton told reporters.

"Honestly, it's 99.6% done. There's no negotiating left, it's just legal stuff."

Lewis Hamilton won last year's Formula 1 world championship, in his second season at Mercedes.