Lewis Hamilton could extend his Mercedes contract by Friday, claims Toto Wolff

Mercedes team principal Toto Wolff has confirmed that Lewis Hamilton might get a new contract extension with the team before the start of the Canadian Grand Prix at the end of this week. This comes in after much speculation of the Briton's terms with the team he has won multiple world championships with.

Hamilton is currently on a multi-year contract with the Brackley-based outfit, which is set to end at the conclusion of the current Formula 1 season. This deal pays him around $43 million per season.

There had been many speculations about the Briton deviating from the team given the performance they had early in the season. But the latest statement from Toto Wolff confirms that he will indeed stay with the team for much longer.

While recently discussing Lewis Hamilton's possible contract extension, Wolff told CNBC's Squawk on the Street:

"It is going to happen soon, and we are talking more days than weeks."

He also mentioned the possibility of getting him the extension before the start of the Canadian Grand Prix at the end of this week. Wolff said:

"We are trying hard (to get it done before the Canadian Grand Prix). I will see him today and maybe we will talk about it. We have such a good relationship that we dread the moment that we need to talk about money."

This also indicates that Lewis Hamilton might as well be getting a change in terms of money on his contract. Staying with Mercedes for longer can see him fight for his eighth world title since the team has made quite a recovery which was apparent during the recent Spanish GP.

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Lewis Hamilton hoping to take on Red Bull in 2024

Lewis Hamilton, meanwhile, has dropped a few hints about his plans for the next season of Formula 1. He mentioned how the position of the car would be in terms of competitiveness. Right after the Spanish GP, he discussed the possibility of taking on Red Bull (who are currently dominating the grid) by the end of this season.

However, speaking more recently, he stated that he is focused on the performance in the latter part of the F1 season.

Hamilton was quoted as saying by Sky Sports:

"I'm hoping at least by the end of the year it would be great if we could challenge them (Red Bull). For me, I'm more focused on making sure that we have the car next year to challenge them from day one."

A stronger car could result in the possibility of Hamilton going to battle with Max Verstappen in the next season, and it might as well turn out in his favor. However, that would largely depend on the working and development of the car throughout the length of the 2023 season of Formula 1.