Details of Lewis Hamilton's new Mercedes deal have been revealed

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Lewis Hamilton is reportedly being lined up for a new deal with Mercedes, which would see the driver extend his reign as Britain's best paid sportsman.

Hamilton improved his lead at the top of the Formula One standings with his French Grand Prix win on Sunday, which added to his Spanish and Azerbaijan victories from earlier in the season.

Mercedes and Hamilton lead the way with rival Sebastian Vettel and Ferrari trailing behind, however, that is not all the Brit will be celebrating.

SunSport reported Mercedes have offered the four-time world champion a new offer that is worth up to £40 million a year, improving on his current £30 million deal which expires in December.

The deal is likely to run to 2020, with an option to extend it a further year, meaning it will be worth a staggering £120million.

Details of the contract include the Brit being allowed to maintain his private sponsorship deals, which include the likes of Monster Energy, L'Oréal and Tommy Hilfiger.

Hamilton already boats an estimated value of £160 million, a sum £50 million greater than golfer Rory McIlroy.

The 33-year-old will also be granted more flexibility in his private life as he will be granted permission to take part in extreme sports while also doing less media and sponsorships days for Mercedes.

Confirmation of the deal is yet to be announced, however, after Hamilton’s win in France last week, Mercedes boss Toto Wolff expressed his desire to finalise the deal.

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"We don't want to drag it out much longer,” Wolff said when questioned about the confirmation of his drivers new deal.

"I expect it to be done very, very soon. Maybe it is about choosing the right moment."

The signing of the contract is set to take place before the British GP at Silverstone next weekend, where Hamilton will look to improve on his lead at the top of the F1 standings.

Hamilton holds an impressive record on home soil with five first place finishes, four consecutively since 2014.

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