Lewis Hamilton indicated his intention to sign a new contract with his current team, Mercedes-AMG Petronas. He also said that he is looking to end his Formula One career with the group.

Hamilton’s existing three-year contract with Mercedes is set to end this season. Talks for its renewal already started last year. However, the management of his team decided to hold off the negotiations as the 2014 season neared its end to let the driver concentrate on winning the coveted F1 Constructors’ Championship for his team and F1 World Championship for himself.

According to The Guardian, Hamilton stated in an interview that his camp is already in the final stages of talks with Mercedes. He cleared out that there is no definite timeline for the signing, but he confirmed that the agreement is close to being sealed.

Based on insider info within Mercedes, the board in Stuttgart were not initially happy with the £20m yearly pay of the Briton. It was said that they were planing to cut the amount in order to put it closer to the money Nico Rosberg is getting from his contract. But thanks to the dominance of Hamilton last season, it seems like his value as a racer appreciated. So, an increase in his salary is likely.

No figures were released yet about the pay proposed by the reigning F1 World Champion in his new contract. Earlier reports claimed though that he was asking for a £23 million annual salary in the deal.

There were rumors too that Hamilton demanded a £1 million a week figure after winning the 2014 World Title. However, he denied it during the interview.

On the other hand, Ferrari remains on the watch for the progress of the discussions between Hamilton and Mercedes.