F1: Hamilton tipped to become UK's richest athlete with new Mercedes deal

This year's early-starting, hyperactive F1 silly season made his contract with Mercedes the subject of ongoing speculation, but Lewis Hamilton insisted on deferring discussion of a contract extension until the season was over. Now that it is – with the world championship safely in his pocket along with 11 grand prix wins – Hamilton is poised to cash in on his 2014 glory.

According to multiple press reports, Hamilton is looking at a new five-year deal with Mercedes, to pick up when his current contract expires at the end of 2015, for £20 million [$31.4m] per year – which would make him the UK's richest active professional athlete. An announcement of the deal is expected shortly.

"It's pretty much a formality, I would have thought," said Hamilton. "I haven't made any decisions of how you go about it. Ultimately, driving is what I do best. I'm not a businessman, I'm not a contract negotiator. I have spoken to [Mercedes F1's non-executive chairman and legendary driver] Niki Lauda for advice.

"I currently have a great deal. Ultimately I think not a huge amount will change."

The 29-year-old added that he was confident that his second world title was just the beginning of a sustained period of success for himself and Mercedes – and challenged the competition to keep up.

"I am still very young and definitely not finished,"he said. "I definitely feel at top of my game. I hope as a team we can continue this. We want to be fighting with those who can be fighting with us. We want to be having competition."