Mercedes' British driver Lewis Hamilton signed a three-year contract with his team on Wednesday.
The British press stated that 30-year-old Hamilton will earn 27 million British pounds (42 million U.S. dollars) per year.
Hamilton said he is glad to stay at Mercedes for three more years.
"The Mercedes car I am driving right now is the best I have ever had in my career, it's just so much fun to be out there every weekend, on the limit and fighting to win at every track," the British driver said.
Hamilton has won 36 Grand Prix races so far in addition to two World Championships in 2008 and 2014.
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