Lewis Hamilton may be on his way to finally sealing a new contract with his team. The Daily Mail claimed it might be what the Mercedes-AMG Petronas driver and reigning World Champion in Formula One meant when he said, “I will have some news for you in Monaco,” after last Sunday’s Spanish Grand Prix.

If the story is true, then it could signal the end of Hamilton’s excruciating contract negotiations, which he stated earlier as “A pain in the back side.” It should be noted that the champ was the one personally overseeing his contract negotiations after he ended his association with Simon Fuller’s XIX Entertainment.

Hamilton was the one personally handing the papers and laying all the terms he wanted to be included in his new deal with Mercedes, mentioned the source. He was only aided by his trusted lawyer Sue Thackeray in understanding some of the legal stuff. So, he pointed out that it was really tough for him.

The latest development would also kill speculations about his impending jump to Ferrari next season.

Based on the report, the new contract of Hamilton with Mercedes could be worth £120 million. The figures will be his overall pay for his three-year agreement with his team. In other words, that translates to £40 million a year starting in the 2016 season.

The figures would make the Briton the second highest paid driver in F1, just next to Ferrari’s Sebastian Vettel. According to Forbes, Vettel makes somewhere around £50 million in his present team.

When asked about the nature of the agreement of Hamilton and Mercedes, both parties remained mum on the matter.