Hamilton agrees to massive new F1 deal

Cape Town - Lewis Hamilton has agreed a two-year extension with Mercedes worth "£40m" (R720 million) per season; the only indecision is whether to announce it at the British or German GPs.

According to several sources, Hamilton has put pen to paper on a new two-year deal.

The contract, according to the Daily Mail website, does not include an option for 2021 in light of the new rule changes that could shake up the sport.

The deal is worth £40 million a year and will see Hamilton retain his status as Britain's highest paid sportsman.

Sport Bild reports that the only thing that remains undecided is whether to announce the new contract at home's race home at Silverstone or Mercedes', at Hockenheim.

"It's all about the right time for the announcement," revealed Mercedes motorsport boss Toto Wolff.

The British Grand Prix will take place on July 8, with the German GP a fortnight later on July 22.