Mercedes Deal At AUD 45.5 Million A Year Could Make Lewis Hamilton Formula One’s Highest-Paid Driver—Report

Mercedes Formula One driver Lewis Hamilton of Britain poses at the First Annual Diamond Ball fundraising event at The Vineyard in Beverly Hills, California December 11, 2014. The event benefits the Clara Lionel Foundation (CLF). Mario Anzuoni

Two-time Formula One, or F1, world champion Lewis Hamilton is set to become F1's highest-paid driver. A new report claims that Mercedes targets Hamilton for an extended deal that could give him the biggest payday in his career.

The Daily Star reports that Hamilton could be one signature away from being the F1 driver to earn the highest income in the sport of motor racing. The report said that Mercedes is eyeing Hamilton to re-sign on an extended deal worth 25 million British Pounds a year or equivalent to more than $45.5 million Australian dollars. According to the British newspaper ,Mercedes is "desperate" to retain Hamilton, who joined them on a three-year contract in 2013.

Hamilton, on the other hand, was told about the lucrative offer halfway through the last season, but the 30-year-old F1 champion didn't want any distractions and said he was only focused on winning championships.

Mercedes chief Austrian former F1 champion Niki Lauda is confident that Hamilton will sign the extension. Lauda said that they do not have any desire to lose one of F1's biggest stars.

"We are determined to retain Lewis," Lauda said. "This will happen, and I am not worried about any delays because both sides want to renew, but we are in no rush."

Hamilton has dropped to the fourth spot in the most recent published list of F1 drivers' salaries via Crash.net. Fernando Alonso, Kimi Raikkonen and Sebastian Vettel remain on top. Jenson Button, Nico Rosberg and Felipe Massa are currently in the fifth, sixth, and seventh places, respectively. See full list below.

2014 F1 Driver Salaries (Team/Salary)

1. Fernando Alonso (Ferrari/€22m)

Kimi Raikkonen (Ferrari/€22m)

Sebastian Vettel (Red Bull Racing/€22m)

4. Lewis Hamilton (Mercedes/€20m)

5. Jenson Button (McLaren-Mercedes/€16m)

6. Nico Rosberg (Mercedes/€12m)

7. Felipe Massa (Williams/€4m)

Nico Hulkenberg (Force India F1/€4m)

9. Romain Grosjean (Lotus F1 Team/€3m)

Pastor Maldonado (Lotus F1 Team/€3m)

Sergio Perez (Force Indian F1/€3m)