Lewis Hamilton said he has “unfinished business” after signing a new £100million contract to extend his Formula One career beyond his 40th birthday.

After months of negotiations, the seven-time world champion finally concluded a new two-year deal – understood to be worth £50m-a-season, a salary hike of £10m – at last weekend’s Dutch Grand Prix.

The announcement ends speculation surrounding the seven-time world champion’s future with his current deal up for renewal at the end of the season.

Hamilton’s extension – which draws him level with Max Verstappen as the grid’s highest earner – will take him to a month shy of his 41st birthday. It will also allow him to continue his pursuit of a record eighth crown.

Hamilton will still be partnered by George Russell after Mercedes also confirmed they 25-year-old’s stay for at least another two years.

“I have had such an incredible journey with Mercedes, and we still have unfinished business,” said Hamilton ahead of this weekend’s Italian Grand Prix.

“We want to get back to the top, and back to fighting for world championships. We are in this together.

“We have a lot of work to do, but there is nowhere else I would rather be. You are all stuck with me for a little bit longer.”

Hamilton has won a record 103 races, and was carried to six of his seven championships by Mercedes, but he has not tasted victory since the controversial Abu Dhabi decider of 2021 – a losing run of 36 races.

Hamilton is fourth in the championship, an eye-watering 183 points behind Verstappen, with Mercedes unable to challenge the Dutchman’s all-conquering team.

Verstappen has won 11 of the 13 rounds so far – with Red Bull unbeaten this season.

But Hamilton added: “It is not about revenge or redemption. Abu Dhabi is in the past and there’s nothing you can do about it.

“In life, you have ups and downs, and last year everyone was questioning whether they wanted to continue. But that thought quickly went away, and you put your mind and energy into being the best you can be.

“I truly believe we can win more world championships and more races together and that’s where all my energy is going.

“I’m not thinking that it’s going to take another four years to get to where we need to be. I’m aware that it does take time.

“But I’m so hopeful the decisions we are taking will put us in that target zone. In my heart I truly believe if it’s not next year it will be the year after that we can challenge.”

Hamilton, who made his F1 debut in 2007 aged 22, once scoffed at the idea of racing into his forties.

But after signing up for his 18th and 19th seasons, he revealed the careers of NFL star Tom Brady, who retired at the age of 45, and Fernando Alonso, who turned 42 last month, is proof he can continue to compete at the highest level.

“I definitely didn’t think I would get to the age that I am and feel the way I do, physically and mentally, and still love what I’m doing as much as I do,” he added. “That’s something I’m incredibly grateful for.

“I look at people like Tom Brady, who has been such an incredible athlete, and has shown what can be done today. He’s a role model in that respect.

“I’ve been fortunate in being able to speak to him and to understand what he has done and what he does consistently to keep himself in shape.

“It is also great seeing Fernando. He was here way before I was and is still doing an amazing job.

“It just shows that your talent never really leaves you so long as you have that passion and commitment to continue.”

Russell joined Hamilton at Mercedes in 2022, out-scoring his team-mate in their first season together.

He also claimed his maiden victory – Mercedes’ sole triumph of last year – at the penultimate round in Brazil.

“Lewis wouldn’t have stayed if he didn’t think the team was capable of winning again,” added Russell. “That reinforces the confidence that I have in the team.”