Lewis Hamilton set to become highest-earning British sportsperson of all time by penning HUGE Mercedes deal

Lewis Hamilton celebrates his win in a past racing event. [Photo: Courtesy]

Lewis Hamilton is set to become the highest-earning British sportsperson of all time by penning an incredible new £120million deal at Mercedes.

The Brit will sign a fresh two-year contract, with the option of a third, worth £40million every 12 months, according to The Sun.

It would see Hamilton pocket an eye-watering £770,000 a week.

Mercedes supremo Toto Wolff is reportedly keen to tie down the F1 champ before this weekend's season-opening Australian Grand Prix in Melbourne.

The 33-year-old is the most successful British racing driver of all time having won four world titles.

But he admitted he still questions himself at the start of every season whether he can challenge for more honours

“I still love racing, I still love the challenge of every year getting myself in shape," he said.

“But I always have this question of if I can still drive before I get to the first test — can I still do it? Do I still have it? I love that unknown.

“People say ‘it’s never gonna go’ but maybe one year you don’t feel good in the car — so I’m always excited by that.

“At the end of the season of course I am wondering to myself ‘do I want to keep racing?’ I have to ask myself that, for sure.”