Lewis Hamilton has signed a new contract with Mercedes, extending his stay with the Silver Arrows until the end of 2025.

The 38-year-old joined Mercedes from boyhood team McLaren in 2013 and has won six of his seven world titles under the guidance of boss Toto Wolff.

George Russell, who joined as Hamilton’s teammate in 2022, has also extended his deal for another two years.

Hamilton, who will now race in F1 beyond his 40th birthday, had been linked with Ferrari this season but he has finally put all the speculation to bed by putting pen to paper on a fresh deal, reported to be in the region of £50m-a-year – a rise of approximately £10m.

“We have never been hungrier to win,” Hamilton said, after the contract was confirmed on Thursday ahead of this weekend’s Italian Grand Prix. “We have learnt from every success but also every setback.

“We dream every day of being the best and we have dedicated the past decade together to achieving that goal.”

Hamilton and Russell, 25, have committed their futures to Mercedes despite a difficult period for the team, who are currently 285 points behind runaway leaders Red Bull in this year’s constructors’ championship.

“Being at the top does not happen overnight or over a short period of time,” Hamilton continued. “It takes commitment, hard work and dedication and it’s been an honour to earn our way into the history books with this incredible team.

“We continue to chase our dreams, we continue to fight no matter the challenge and we will win again. I’m grateful to the team who have supported me both on and off the track. Our story isn’t finished, we are determined to achieve more together and we won’t stop until we do.”

Hamilton has not won a race since his contentious championship defeat to Max Verstappen at the 2021 season finale in Abu Dhabi – and is currently fourth in this season’s drivers’ standings.

Hamilton won his first world title with McLaren in 2008, before claiming success again in 2014 and 2015. He missed out in a tight title battle with teammate Nico Rosberg in 2016, before sealing four straight titles from 2017-2020.

Hamilton has claimed 82 of his 103 race victories at Mercedes, while 2022 was the first season in his career when he failed to register a victory.

Russell won his first F1 race last year in Brazil and finished above Hamilton in 2022. However, despite a difficult season thus far – he is currently 57 points behind his teammate – the Silver Arrows have kept faith in him.

“I have grown up with this team ever since joining as part of the junior programme back in 2017 – it’s my home and it feels fantastic to extend our special relationship through 2025,” Russell said.

“After stepping up to the Mercedes race seat last year, I wanted to reward the trust and belief that Toto and the rest of the team placed in me. Taking my first pole position and race win last year was an unforgettable feeling. More importantly though, it’s been great to work with everybody at Brackley and Brixworth to make progress with our car and push forward our development. Their loyalty, vision and hard work is inspiring.

“We have made some significant steps over the last 18 months and are only getting stronger as a team. I’m excited to help continue to build on that momentum as we progress into 2024 and 2025 as we continue to focus on returning to the very front of the pack.”

Wolff, who signed Russell to replace Valtteri Bottas, insisted the decision to extend the all-British pairing was “straightforward”.

“We have the strongest pairing on the grid and both drivers are playing a crucial role in the team to move us forward,” Wolff said. “The strength and stability they provide will be key building blocks for our future success.

“Our partnership with Lewis is one of the most successful in the sport’s history. It was always a formality that we would continue together – and it’s energising for us all to be confirming that publicly. His qualities as a pure racing driver are illustrated by his remarkable track record; but over our years together, he has grown to become a pillar and leader of our team.

“Those leadership qualities are crucial as we focus on fighting for world championships again. As F1’s biggest global star, he has also played a key role in shaping our commitments to diversity, inclusion and sustainability, that will be foundations for our success in the years ahead.

”George is a leading light of his generation. He has repaid the faith we showed in him when promoting him to a race seat in 2022. His maiden pole position in Hungary and first Grand Prix victory in São Paulo were standout moments last season.

“As a driver, he combines razor-sharp speed with the tenacity of a true fighter. But he brings, too, an intelligence and attention to detail that will help him to continue to grow, develop and improve further. He is a natural fit to the team and we are delighted to have extended the relationship for the coming years.”