Formula One daredevil Lewis Hamilton will remain with German powerhouse Mercedes until the end of 2020 after inking a two-year deal.

Reports say that Hamilton is set to make a minimum salary of $38.9 million on his new deal that could rise to $51.9 million, depending on bonuses. Prior to re-signing with Mercedes, Hamilton revealed that a top F1 team offered him to do a deal next season.

Among the teams that were rumored to sign Hamilton are Red Bull and Ferrari who sports highly touted rider, Sebastian Vettel. Hamilton said that his decision to commit to Mercedes for two more seasons stemmed on Formula One's decision to imposed a new set of regulations in 2021.

"It's impossible to say where I'm going to be in two years, what I'm going to feel like in two years' time," Hamilton explained as to why he only signed a two-year deal.

The Silver Arrows squad are committed to the F1 until 2020. Numerous reports say that the organizers of the sport are currently discussing the future of F1 from 2021 onward.

Mercedes Has Been Successful With Hamilton

Mercedes boss Toto Wolff revealed that they already discussed the details of Hamilton's contract at the end of last season. Wolff said that the final terms of the deal were only completed this week. The Mercedes boss added that they are more than grateful to keep Hamilton, citing that the Briton is one of the all-time greats.

"But what I enjoy most about working with him is getting to know the man inside the racing helmet: his relentless drive for self-improvement, his emotional intelligence as a team member and his loyalty to those around him," Wolff said.

Mercedes won four consecutive drivers' and constructors' championship doubles during that span. Hamilton bagged three of those crowns with the fourth going to former teammate Nico Rosberg who retired after winning in 2016.

Aside from Hamilton, Mercedes is also expected to keep Valtteri Bottas but no announcement has been made yet. Mercedes have been a dominant competitor in the F1 since the implementation of the turbo hybrid engines in 2014.

Hamilton Chasing Vettel

The 33-year-old Hamilton is currently eight points behind Vettel of Ferrari in this year's championship. Hamilton's who won his first world title in 2008 with McLaren hopes to put up a great performance in this weekend's German Grand Prix, which marks the midway point of the season.

Hamilton who pocketed four drivers' championships in his illustrious career is currently the most successful driver in terms of victories, with 65 wins in his bag. Hamilton has a 14-win lead over current championship leader Vettel in overall victories.

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