Jenson Button will be offered the chance to end his Formula One career at current team McLaren.
The Daily Mail reports that they are prepared to offer the former World Champion another three seasons, as they aim to bring success back to the team.
If Button agrees to this proposed deal, he will be 37 years of age, and the deal is reported to be worth £10 million.
Recently, McLaren have agreed a deal with Honda, one of Button's former teams, and will hope that this partnership will make them a dominant force in F1 once again.
Button has been linked with a move away from the Woking-based team, and Button has said in the past that Ferrari would tempt him to move away from McLaren.
He joined McLaren in 2010, a year after his World Championship team Brawn announced that they would be bought by Mercedes.
It has been a difficult season for Button and the McLaren team, and the Brit says this season has been a painful one.
"It hurts like hell, if you haven’t ever won a grand prix or won a world championship it doesn't hurt quite as much.
"But when you have been there and that’s where you normally are, fighting for a world championship, even though it hasn't happened for a while, it really does hurt.
"When you drop back when you’re not in the game and you’re not near the front fighting it out for victories and even podiums it hurts."
Button and Perez are on course to miss out on a podium finish for the whole season - something that hasn't happened since 1980.
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