Hamilton and Mercedes finally agree to new two-year deal!

Four-time world champion Lewis Hamilton has extended his contract with the Mercedes F1 team until the end of the 2020 season.

The agreement between the driver and the Silver Arrows squad was largely anticipated although its duration was uncertain, with the British driver asking for a 24-month deal while Mercedes was keen on a longer term contract.

Today's announcement means the German outfit has answered the reigning world champion's demands.

"This contract extension has basically been a formality since Toto and I sat down during the winter, so it's good to put pen to paper, announce it and then get on with business as usual," said Hamilton who joined the Mercedes team in 2013.

"I have been part of the Mercedes racing family for 20 years and I have never been happier inside a team than I am right now.

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"We are on the same wavelength both on and off track - and I am looking forward to winning more in the future and shining even more light on the three-pointed star."

"I'm very confident that Mercedes is the right place to be over the coming years."

Despite never questioning the outcome of the negotiations, Mercedes team boss Toto Wolff says he is relieved to put the matter of Hamilton's near-term future to rest.

"We have been aligned with Lewis ever since we first sat down to discuss the details of this contract after last season, but there has understandably been a lot of interest and speculation around the whole process, so it's good to put all of that to rest and get this thing announced," said Wolff.

"We signed the final documents this week and didn't want to keep people waiting any longer!

"There is not much about Lewis as a Formula One driver that hasn't been said already - he is one of the all-time greats and his track record speaks for itself.

"But what I enjoy most about working with him is getting to know the man inside the racing helmet: his relentless drive for self-improvement, his emotional intelligence as a team member and his loyalty to those around him.

"Mercedes has become Lewis' home in Formula One and his story is linked forever with the silver and green of Mercedes-AMG Petronas. I am very confident that we have some incredible chapters of our story together still to come."

Mercedes obviously did not divulge Hamilton's retainer but it rumored to be in excess of £40 pounds - or $50 million - million a year, a number that would elevate Hamilton to the ranks of the highest-paid British sportsmen of all time.

Hamilton's impressive track record with Mercedes since 2014 includes 108 races, 44 wins, 50 poles and 75 podiums!

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