Mercedes driver Lewis Hamilton is set to be racing into his 40s in Formula One after agreeing to a two-year extension with the Silver Arrows worth $127 million.

The seven-time world champion will be tied up to the Brackley-based outfit until 2025, the final year of the current technical regulations until the major overhaul that will be in effect in the 2026 season.

While the new deal isn't bad, the length is shorter than expected. The clamor prompted Mercedes team principal Toto Wolff to explain the reason behind the shorter timeframe of the agreement, which is due to the unpredictable nature of the sport.

"Signing a five-year contract means that you need to discuss is there any escape clause in case we are not providing him with a car that is performing. So we didn't entertain that," the 51-year-old executive mentioned.

Wolff said that both the team and Hamilton already knew they had an agreement many weeks ago, not only emotionally but on paper, but they just needed to get lawyers to iron out the technicalities.

The Austrian added that the foreseeable future is two years, hence the length of their pact.

Lewis Hamilton is already thinking ahead

While the ink on his new deal may not be dry, the 103-time race winner already has a next contract with Mercedes on his mind.

Hamilton said he is already thinking about his next contract, regarding what it would look like and how long it will be.

The 38-year-old also vowed to be racing in Formula 1 for a while.