LEWIS HAMILTON is expected to sign a mega £120MILLION Mercedes deal this week — the biggest contract in British sporting history.

The Formula One world champion will earn £40m a year over the first two years of the new agreement, while he also has the option of a third year.

5 Hamilton is a four-time Formula One world champion Credit: Alamy Live News

It means the Brit, 33, will earn a staggering £770,000 a week.

Merc chief Toto Wolff is keen to seal the deal before Sunday’s season-opening Grand Prix in Melbourne.

Hamilton is Britain’s most successful F1 driver with four world titles.

But he admitted he still asks himself at the start of every season whether he can still do it at the top level.

5 Hamilton won his first World Championship title with McLaren in 2008 Credit: PA:Press Association

Hamilton said: “I still love racing, I still love the challenge of every year getting myself in shape.

“But I always have this question of if I can still drive before I get to the first test — can I still do it? Do I still have it? I love that unknown.

Mercedes reveal new Formula 1 cars for 2018 with drivers Lewis Hamilton and Valtteri Bottas

“People say ‘it’s never gonna go’ but maybe one year you don’t feel good in the car — so I’m always excited by that.

“At the end of the season of course I am wondering to myself ‘do I want to keep racing?’ I have to ask myself that, for sure.”

'disgrace' Man Utd fans call for Woodward's head after Rio reveals story of his brutal exit PASTURES NOU Luis Suarez 'terminates Barcelona contract' as he nears Atletico Madrid move Pictured REAL STINKER Real Madrid fire bitter parting shot at Bale despite four European titles JOR BEST HOPE Jordon Ibe set for Derby after flop £15m move from Liverpool to Bournemouth Exclusive COMING FOR LU Southampton eye Benfica star Florentino Luis to replace Pierre-Emile Hojbjerg Live Blog UNITED LATEST Man Utd transfer news LIVE: Follow all the latest news from Old Trafford Latest COVID CONCERN Spurs' tie vs Leyton Orient set for axe after O's 18 positive Covid-19 tests Exclusive DOM PERIGNON Everton wanted £80m for Man Utd target Calvert-Lewin BEFORE hat-trick heroics FOR WHOM THE DEL TOLLS Spurs' line-up with Bale, Kane & Lingard... but what about Dele? Live Blog GUNNERS NEWS Arsenal transfer news LIVE - Latest updates from the Emirates

5 Hamilton in action at the Circuit de Catalunya Credit: AFP or licensors

Reigning champion Hamilton has been in discussion for months with Mercedes’ bosses.

Yet former racer and Channel 4 presenter David Coulthard says the hold-up was due to two things – working days and money.

He said: “The delay is unusual in as much as when normally when two parties want to work together, they get the paperwork done and put to one side.

“The off-season is the best time to do that because in season you are busy trying to set up the car and deal with sponsors and partners, so that is just another thing to look at for the schedule.

Lewis Hamilton shows off incredible hidden talent as he plays Adele hit on piano

5 Hamilton would rake in a truly astonishing £770,000-per-week Credit: AFP or licensors

“Lewis has the confidence to know that they both want it and as ever the main details of the contract delay will be two things.

“How much more freedom he has in his new contract and how may days he has to work when he’s not at the racetrack.

“And the second thing is the payment because all the other terms and conditions -- respecting Mercedes and not saying anything negative things about the partners -- all of that is largely the same as we have had for 20 or 30 years.”

5 Hamilton recently became a Global Ambassador for Tommy Hilfiger Credit: PA:Press Association