The 35-year-old secured his seventh Formula 1 world title on Sunday, producing a fine drive at the rain-affected Turkish Grand Prix to win by over 30 seconds ahead of second-placed Sergio Perez.
That was win number 10 for Hamilton in what has been a shortened season due to the coronavirus pandemic.
And winning all three of the remaining races on the 2020 calendar would see him tie Michael Schumacher’s record of 13 wins in a season.
The Brit is out of contract at Mercedes at the end of the year, and having secured the title will now discuss new terms with the Silver Arrows.
Speaking to SunSport on the decision to hold contract talks at this point, he explained: “I just always think, through the year that I’ve got a job to do, I’ve got a contract in place, I don’t feel like I should add pressure.
“It has to be organic and not something that’s forced. So, I thought I’d bet on myself.
“Naturally there are days when you think ‘what happens if you start making mistakes?’ What happens if you get worse all of a sudden, you don’t put in these great performances?
“Does your value decrease? Does your bargaining power decrease? Does your reputation go off a cliff?
“I know there’s scenarios in life where you’re like ‘let’s sign up real quick’, so you guarantee your future, and for me, I’ve bet on myself.”
Discussing when the deal is set to be completed, Hamilton said: “So, probably over these next weeks – we’ve got three weeks in the Middle East – so, now it’s a bit more chilled but I still have three races ahead of me that I want to win.
“It’s not done but we will get it done, I’m sure.”
Hamilton last agreed a contract with Mercedes in similar circumstances, with team and driver announcing a new three-year contract following the final Grand Prix of his title-winning 2017 season.
He has since gone on to win a further three F1 titles, with his latest drawing him level with Schumacher’s record.
The Brit has secured the record for most race wins in the sport this season, with his 92nd victory at the Portuguese Grand Prix in October putting him ahead of the German’s 91 successes.