Mercedes is on a plan to set the right time to announce Lewis Hamilton's new contract as it was reported by The Daily Telegraph that the reigning F1 world champion will sign a new deal with Mercedes for “at least another two seasons”.

Many media sources believe Hamilton's new contract with the constructors' champions will earn him $45 million a year starting from the beginning of 2019.The new contract would make Hamilton Britain’s highest-earning sports star.

It is believed the announcement will be made either ahead of Hamilton's home race at Silverstone on 8 July, or Mercedes' home race at Hockenheim two weeks later.

Mercedes boss Toto Wolff said: “We don’t want to drag it out much longer. I expect it to be done very, very soon.”

The Telegraph adds that with Hamilton “seemingly certain to stay” he will likely be partnered next season by current teammate Valtteri Bottas.

However, Hamilton described his feeling about his team as he tells Sport Bild. "Mercedes has become like my family. There is no reason to change,"

Hamiton left McLaren after 2012 season to join the Mercedes works team for the 2013 season onwards, partnering Nico Rosberg who, after signing a three-year contract with the team, announced his retirement in 2016. Valtteri Bottas has teamed up with the Briton since 2017 until today, when he is currently fourth in the Drivers’ Championship standings, albeit 53 points behind Hamilton.

Mercedes are expected to have the same line-up next year, with Hamilton being partnered by Valtteri Bottas for a third year as the team is really happy with Finn's performances this season.

Earlier at the Bahrain Grand Prix Hamilton said: "The next contract is probably the most important one of my career."

"The last contract was the most important up until that point and the next one after that will be more important than the last one.

"The decision as to how long you want to commit to being in Formula 1 is becoming more important being as that I'm at the latter end of my career, so it's one I'm not going to rush into.

"There is no rush, I will not be rushed into it. Ultimately you want to have all the information. he added 

Anyway, if Mercedes couldn't succeed to assuage Lewis, obviously there are other drivers who are approaching the end of their contracts such as the Australian Daniel Ricciardo who was linked to McLaren, as it is believed the team offered him a £15million-a-year contract.

Now, Hamilton led for most of the race and moved 14 points clear of his rival Ferrari driver Sebastian Vettel, after the win at the French GP in its come back at the F1 calendar scoring the 44th win with Mercedes AMG team and his 65th in his overall F1 career with Mercedes Bens power.

Hamilton also edges out Schumacher in terms of wins at different race tracks (26), pole positions at different Grand prixs (25) and pole positions at different circuits (27).