It appears that contract negotiations between newly knighted Sir Lewis Hamilton and the Mercedes Formula One team are finally on the last lap.

This is according to the latest information from F1-Insider.com. It is reported that the Brit is set to sign a one-year contract with an option for a second season.

In addition, F1-Insider.com also learned that official confirmation of the deal could be published as soon as next week.

This news will certainly come as a welcome relief for the Silver Arrows who last month were reportedly considering replacing the seven-time World Champion with George Russell.

It is, however, believed that after long drawn out negotiations between both parties that the salary, which is estimated at £35 million-per-year, is due to remain the same as the previous contract.

Hamilton will be able to market two advertising spaces on his helmet and overall himself on his race suit.

There is also rumoured to be talk of a clause stating that Hamilton will have a say when it comes to future teammates.

This clause has been referred to as a ‘Max Verstappen-clause.’ It is after all no secret that Red Bull superstar is on Mercedes list of future drivers for the team.

The clause definitely highlights how highly Hamilton thinks of the Dutch driver.

This new deal will certainly come as a welcome relief to the team and Hamilton. The Silver Arrows are after all, still the only ones without a confirmed driver.

The other seats have already been sorted for the 2020/21 F1 season.

Not only that but, with just around a month to go until F1 winter testing in Bahrain, it is imperative that the defending champions start preparing for their defence of the title, as well as providing Hamilton with a shot at history that would make him the most successful F1 driver of all-time.