Hamilton starts talks for new three-year deal with Mercedes worth 70 mln pounds

British Formula One racer Lewis Hamilton has started talks with his current team Mercedes for a bumper new three-year deal which is speculated to be worth close to 70 million pounds.

Mercedes boss Toto Wolff revealed that the two sides are already in discussion even though Hamilton's current contract, which began in 2013, still has 18 months to run.

Hamilton is already one of the best-paid drivers in F1, second only to Fernando Alonso's bumper salary at Maranello, The Mirror reported. And the latest deal is speculated to be worth around 23 million pounds-a-year, hiked from the earlier 19 million pounds.

Mercedes re-signed championship leader Nico Rosberg, last week, on a new multi-year contract, with options, to run until 2016 and the German manufacturing giant is now eager to extend its partnership with Hamilton on a two plus one deal to run until 2017 with an option for 2018.

Wolff said that they are already sitting together and negotiating with Hamilton about a multi-year contract, adding that the Briton is a fixed part of the team, and he would hope for a long time to come.