Lewis Hamilton says his new contract with Mercedes should be signed this week, in a deal that could be worth nearly $40m a year, according to reports.
The world champion and his team have been in talks for several months, and the Briton said the conclusion is now imminent.
"It should be done this week. There is no reason why not," Hamilton was quoted as saying by the BBC.
"It's honestly 99.6 per cent done.
"Just the legal stuff [left to sort]. There's no negotiating left."
According to BBC Sport, Hamilton will earn a basic salary of $31 million plus bonuses.
His salary could go over $40m a year depending on the amount of races he wins, according to the report.
Hamilton joined Mercedes from McLaren at the start of the 2013 season.
The Briton has taken 13 grand prix wins with Mercedes. He won his second title with the team last year and is currently leading the championship.