Hamilton expecting to sign new Merc contract worth more than 27 mln pounds

Reigning Formula One world champion Lewis Hamilton is expecting to sign a new contract with Mercedes this week that could be worth more than 27 million pounds-a-year and has revealed that talks regarding it are complete and the deal is being finalized by lawyers.

The Briton, who has been handling negotiations with team bosses himself, said that the deal should be done this week, adding that there is no reason it shouldn't. He insisted that it's 99.6 percent done, adding that there is no negotiating left, except for 'just legal stuff'.

Hamilton, who joined Mercedes in 2013 after six years with McLaren, would earn about the same as he did under his first contract with the German team - a basic salary of 20.9 million pounds plus extensive bonuses, the BBC reported.

Depending on how many races he wins, and whether he becomes world champion, these bonuses could easily take Hamilton's annual earnings well over 27 million pounds.

Hamilton, who leads the championship by three points from Ferrari's Sebastian Vettel after two races this season, said that the German's win for Ferrari in Malaysia on Sunday was a reminder that Mercedes would not have things their own way this year.

Hamilton said that Vettel's win has given Mercedes a pinch to suggest that they have got a race on their hands. He claimed that they are a racing team, and they would be quicker in the next race.