Toto Wolff dismisses Lewis Hamilton contract rumours

Mercedes boss Toto Wolff has rubbished reports that Lewis Hamilton will be offered offer a $231m [£150m] three-year contract extension.

The Briton is yet to agree a new deal with the Silver Arrows, but The Times claims that the world champion was to be offered a lucrative salary to stay put.

However, Wolff has dismissed such reports as "absolute illusion".

"You're never in a perfect [negotiating] situation, but as Lewis wants to be with us, and we want to keep him, what we need to do is find a basis for the two sides to come together," GMM quotes him as saying.

"But it just takes time. We have similar ideas, but it is important to implement them in a contract."

Hamilton joined Mercedes from McLaren ahead of the 2013 season.