Lewis Hamilton 'demands a five-year contract worth £250 million' to re-sign for Mercedes

Lewis Hamilton reportedly wants a lucrative five-year contract if he is to remain at Mercedes.

Hamilton's current contract expires at the end of the year as he's held talks with team principal Toto Wolff about extending his deal.

But the seven-time world champion is holding out for a whopping £250 million, five-year contract as he wants to drive until the age of 43, according to The Daily Mail.

However, it's uncertain whether Mercedes will table such a big contract to the 38-year-old.

Image: Alamy

A source close to the situation said: "Lewis wants five years, and if it were just a one-year extension I don't think he'd accept it.

"They may need to reach a compromise because, while George (Russell) has probably made peace with the idea of Lewis being around for a couple of years, he might not accept being in the shadow of his team-mate for the long-term.

"There is always a lure about Ferrari, but Lewis will probably think that his only hope of winning his eighth title is by staying where he is.

"Money is not a delaying factor."

The Brit racer provided an update on his situation, claiming there's 'no rush' as he was reluctant to give away too much.

"We had a good meeting just recently. They are very complex contracts. It's not just a simple driving contract," he said.

"Right now I'm planning to be here and racing for a decent chunk of time. You have just got to explore all avenues in the sense of how you can continue to expand your partnership with such a great organisation. It's not as easy as just saying 'go ahead', and I don't have to be in a rush."

Hamilton has been with Mercedes since 2013 following his switch from McLaren. Will he still be a Mercedes driver next year? Watch this space.