Report: Hamilton set for new contract deal with Mercedes

Lewis Hamilton's long-running talks with his Mercedes F1 team about a new contract appear to be entering the final lap. BBC Sport's Andrew Benson reports that the reigning world champion expects to sign a deal this week that will put him up with Fernando Alonso and Sebastian Vettel among the sport's biggest wage-earners.

"Honestly, it's 99.6% done," the BBC reports Hamilton as saying. "There's no negotiating left, it's just legal stuff."

According to the BBC, Hamilton's basic salary will remain about the same at about $31 million per year, but with bonus clauses that "could easily take his annual earnings well over $40m."

Alonso reportedly is earning $40m a year in his three-year deal with McLaren-Honda. Citing "senior sources," the BBC reports Vettel will earn $50m for his first season with Ferrari but will earn a guaranteed $30m per year after that, although significant performance bonuses will also be available to the German. Based on the first two races, Hamilton and Vettel certainly seem poised to net plenty of bonus points this year....