Lewis Hamilton to pen a new three-year deal with Mercedes

Lewis Hamilton will sign a new three-year deal with Mercedes worth at least £60m in 'weeks rather than months', according to Fleet Street.

The reigning world champion was spotted having rather public negotiations with Silver Arrows' bosses in the Jerez paddock on Sunday as the first pre-season test of 2015 got underway.

Hamilton is out of contract at the end of the season, but revealed it was his decision to put contract talks on hold around the time of the Russian Grand Prix last year, despite knowing of interest from Fernando Alonso.

However, in The Daily Telegraph, Daniel Johnson is not as confident and speculates that Ferrari could still be an option for Hamilton.

'Privately, opinion is divided on how much of a done deal it is,' Johnson writes. 'Some sources said that Hamilton had begun tentative talks with Ferrari as a fall-back option, while others dismissed the suggestion as out of hand.

Nevertheless, Johnson does feel that Hamilton will most likely stay at Mercedes and quotes Hamilton as saying: "We're in talks and in the near future, it will be sorted."