Lewis Hamilton, the Formula 1 star, has been linked to a two-year contract extension at Mercedes even as the 38-year-old closes in on signing a fresh deal. While there has been no official confirmation regarding what the specifics of his new deal could be, what remains known though is that his existing contract with the Silver Arrow will expire at the end of this year. Meanwhile, a lot of negotation has been going on behind the scenes over the course of the last few weeks.

While initial reports had suggested that the seven time world championships winner could move to Ferrari, who it is being reported, might have approached Hamilton with a lucrative contract, the Brit had dimissed such rumours when he was asked about what was the status of his contract before the Monaco Grand Prix.

“My team is working closely behind the scenes with Toto [Wolff], we are almost at the end of having a contract ready,” Hamilton told reporters. When he had been asked a rather direct question regaring Ferrari’s approach, he had said: “No.”

However, fresh round of reports suggest Hamilton’s new contract details might already have been leaked. As per a report carried by French outlet Sportune, Hamilton could be in a for a long duration with his current employers. His contract could even include his association with then till he turns 50. The report claims that the Silver Arrows might also be offering him an ambassadorial role after he retires from racing.

The report suggests that Hamilton’s camp is determined to finalise a two-year deal worth £125million. In addition, they are expecting a 10-year commitment as a high-profile ambassador for the Mercedes brand with the total valuation of the deal around £222m.

Having said that Mercedes had called such a deal “Wild speculation” and “Completely unfounded” but it remains to be seen whether the Brit’s demands are met in the new contract.