Revealed: Hamilton’s massive pay rise - and the terms Mercedes didn’t grant

But Mercedes did also reportedly choose not to grant one request from Hamilton over his fresh deal.

Mercedes confirmed that Hamilton and his teammate George Russell both penned new deals to remain with the team until the end of 2025.

• Hamilton and Russell sign F1 contract extensions with Mercedes

It ends the major saga over Hamilton’s future - and financially rewards the seven-time F1 champion.

He will receive an annual pay rise of £10m, the Daily Mail reports.

Hamilton’s total salary is now £50m per year, putting him level with Max Verstappen as F1’s two highest-paid drivers, the same report and The Telegraph state.

It also claims that Hamilton began negotiations by asking for a five-year deal.

“That wish has not been granted,” the newspaper’s report reads.

Instead Hamilton, now 38, has a two-year deal.

Ferrari’s early interest in recruiting Hamilton was not followed through, the Mail report.

They also report that Russell’s deal - announced at the same time as Hamilton’s - was actually agreed weeks ago but kept a secret until now.

The delay in confirming Hamilton’s new contract, after months of both the driver and Toto Wolff insisting an agreement was inevitably, was reportedly due to “Hamilton’s reluctance to commit”.

The F1 Italian Grand Prix this weekend gives Hamilton his next chance to challenge the dominance of Max Verstappen and Red Bull.