According to the Dutch newspaper De Telegraaf, Max Verstappen is about to sign a lucrative new contract that will keep him with Red Bull for the next several years.
The current agreement between the world champion and Red Bull expires in 2023, according to the newspaper, and the new one would prolong it for another four or five years.
The 24-year-old Dutchman’s contract is estimated to be worth €40-50 million (£33-42 million) each year.
Jos Verstappen, the driver’s father, contacted Red Bull for comment on the report, but the team declined.
The new contract, which has been in the works for some time, would be one of the most profitable in Formula One history.
Before the former world champion’s numerous endorsements are taken into account, Lewis Hamilton is expected to receive a salary of around £40 million from Mercedes.
Last month, Red Bull racing director Helmut Marko acknowledged that the team was “in talks” with Verstappen about a new contract.
Last year, the Austrian claimed Hamilton’s salary was too high for F1 and that the sport should impose a wage ceiling on drivers.
Verstappen stated at the conclusion of last year, after capturing the title in a contentious season finale in Abu Dhabi, that he wanted to continue with Red Bull for many years.
Verstappen, whose current deal runs to the end of 2023, said: “I’m very, very happy where I am, that’s for sure – like I said in the radio message at the end of the race. Of course, that’s when you’re very emotional but I mean it because I really love being part of this team.
“There is no reason to leave here and I want to continue racing for this team for a long time.”