Lewis Hamilton says he is close to signing a new contract with Mercedes that could lead to him remaining with the German Formula One team for the rest of his career. “Hopefully we’re in the final stages [of talks],” the world champion said as he completed arrangements to fly to Australia for the opening race of the season in Melbourne a week on Sunday. “I don’t really know what the timeline is but we’re very much in the last stages of it. I’m committed to this team for the foreseeable future.”

The 30-year-old is entering the final season of his original three-year deal with Mercedes, having quit McLaren – with whom he won the 2008 title – at the end of 2012. He is conducting his own negotiations, having left Simon Fuller’s XIX agency at the end of last year. “I’m not too sure I’ve enjoyed it,” he said of negotiating the new deal. “It’s a very, very nerve-racking experience. But I’m glad I’ve done it. If I’d not done something like this I would have always wondered if I could or could not.”

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Hamilton has won praise from Mercedes for his attention to detail. He said: “I learned a lot from my dad and from Simon and the people around me. But in general I’m just trying to do due diligence and understand, firstly, where we are and what best can be improved on and where it can grow and benefit the team and myself.”

Hamilton and Mercedes cancelled plans for negotiations last year to concentrate on winning the drivers’ and constructors’ world titles. But the Englishman was seen in talks with Toto Wolff, the Mercedes motor sport chief, during testing in Jerez last month, when Hamilton said: “We want to stay together. We love each other, basically.”

Originally, the Mercedes board in Stuttgart were unhappy about paying the Briton £20m a year but after winning the world title Hamilton wants a pay rise, though he has denied reports that he has demanded £1m a week. If there were a breakdown in final negotiations Hamilton could look to Ferrari for 2016.