Lewis Hamilton will extend his record-breaking career in Formula One beyond his 40th birthday after signing a new contract with Mercedes. The Silver Arrows confirmed ahead of this weekend’s Italian Grand Prix that Hamilton, 38, will continue to drive with them for 2024 and 2025. It is anticipated that the new deal will earn Hamilton in the region of £50million-a-year. The announcement ends speculation surrounding the seven-time world champion’s future on the grid with his current deal up for renewal at the end of the year. Mercedes will stick with their all-British line-up until at least the end of 2025 with George Russell, 25, continuing to partner Hamilton. “We dream every day of being the best and we have dedicated the past decade together to achieving that goal,” said Hamilton, who started his career back in 2007. “Being at the top does not happen overnight or over a short period of time, it takes commitment, hard work and dedication and it’s been an honour to earn our way into the history books with this incredible team. “We have never been hungrier to win. We have learnt from every success but also every setback. We continue to chase our dreams, we continue to fight no matter the challenge and we will win again. “I’m grateful to the team who have supported me both on and off the track. Our story isn’t finished, we are determined to achieve more together and we won’t stop until we do.” Hamilton has won a record 103 races and stands on seven world titles but he has not tasted victory since he controversially missed out on an eighth world crown with defeat to Max Verstappen in Abu Dhabi in 2021. The British driver is fourth in the standings ahead of this week’s race in Monza, an eye-watering 183 points behind Verstappen, with Mercedes unable to challenge the Dutchman’s all-conquering team. Verstappen has won 11 of the 13 rounds so far with Red Bull unbeaten this season. We continue to chase our dreams, we continue to fight no matter the challenge and we will win again Lewis Hamilton However, Hamilton still harbours hopes of winning a record eighth title while driving for Mercerdes, and his contract extension will see him remain there for a 13th year, and 19 seasons in all in the sport. Mercedes team principal Toto Wolff said: “Our partnership with Lewis is one of the most successful in the sport’s history. It was always a formality that we would continue together – and it’s energising for us all to be confirming that publicly. “His qualities as a pure racing driver are illustrated by his remarkable track record, but over our years together, he has grown to become a pillar and leader of our team. Those leadership qualities are crucial as we focus on fighting for world championships again. “As F1’s biggest global star, he has also played a key role in shaping our commitments to diversity, inclusion and sustainability, that will be foundations for our success in the years ahead.” Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live How Max Verstappen equalled Sebastien Vettel’s record for consecutive race wins Max Verstappen reveals Sebastian Vettel prediction as he closes on GP record run Max Verstappen is one of the best drivers in F1 history – Lando Norris