Seven-time World Formula One (F1) champion Lewis Hamilton has reportedly rejected to extend his contract with Mercedes. His previous contract with Mercedes F1 team expired on January 1, 2021. This means, the British driver will be out of action for the 2021 season which is certainly not a delightful news for the racing fans. While Mercedes or Hamilton haven't made any official statement regarding the massive news, Motorsport reported that Hamilton made some demands during contract talks with Mercedes which the automobile firm is reluctant to fulfil. Lewis Hamilton Knighted in UK New Year Honours List.

As per the report in the publication, Hamilton wants his salary rises to 35.5million pounds a year, which would ensure he remains as the highest-paid driver. His second demand is that Hamilton wants a 10 per cent share of Mercedes' prize money if they win the Championship. Not only that, the 35-year-old racer wants a four-year-long contract which Mercedes aren't willing to agree with Hamilton being in the fag end of his career.

Notably, Mercedes is only of many firms who have been jolted by the COVID-19 pandemic. Hence, they aren't quite keen to fulfil Hamilton's desire.

According to Motorsport.com, the British star has rejected the proposal – which could have seen him make 40 million euros a year with a 10 per cent bonus for winning the world championship – by Daimler, Mercedes' parent company. Hamilton's counteroffer also hasn't impressed Mercedes which puts their further association in jeopardy.

The Chairman of Daimler, Ola Kallenius wants the vacant seat to be filled up at the earliest, and George Russell is most likely to welcome by Mercedes if their ties with Hamilton are over. Notably, the 22-year-old sensation is way cheaper than Hamilton and is touted to become a future star as well.

(The above story first appeared on LatestLY on Jan 05, 2021 06:57 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).