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Hamilton in talks with Mercedes over whopping new £70m deal

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Title-chasing Lewis Hamilton’s season looks set to get even better as the Mercedes driver has opened talks over an astonishing new three-year £70m deal.

The British star currently trails teammate Nico Rosberg in the Formula One standings and has been in the German’s shadow for much of the season, but Hamilton looks set to get one over his ally with Mercedes keen to tie down Hamilton until at least 2017 and reward him richly with a bumper new contract.

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The 29-year-old’s current deal still has 18 months left to run, but boss Toto Wolff has signalled his intentions of retaining the former world champion’s services and confirmed that the two parties are in discussion.

The German manufacturer re-signed Rosberg last week, but it is expected that Hamilton’s latest contract will see the Brit earn a staggering £4 million more each year compared to his last deal – taking his annual salary to around £23m.

Wolff told Austrian newspaper Kronen Zeitung: "We are already sitting together and negotiating with Lewis about a multi-year contract.

"Lewis is a fixed part of the team, and I would hope for a long time to come."

Hamilton signed his first contract with McLaren at the age of 13, but has been using Mercedes-powered cars since that time and has achieved tremendous success.

The Brit, alongside Rosberg, has helped the German F1 team to dominate the 2014 season – with Mercedes winning 9 of 10 races so far – and admits that he is content with his current set-up.

"It would be very difficult for me to see myself anywhere else".

Is this a richly-deserved reward for Hamilton given his splendid season in which he could well go on and claim his second championship?

Does his loyalty to Mercedes deserve such a significant deal, or is it ludicrous of the German team to hand out astronomical wages when the driver still has 18 months left on his current deal?

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