• Formula One champion close to concluding new deal with Mercedes • ‘I have always wanted to go back to the Palace,’ says British driver

Lewis Hamilton has said he would be honoured to be recognised with a knighthood after winning his fourth Formula One world championship at the Mexican Grand Prix on Sunday to become Britain’s most successful racing driver.

The 32-year-old also insisted that despite some debate over his potential retirement he was going to continue to race for some time and that he was close to concluding a new deal with Mercedes and targeting further titles.

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Hamilton finished ninth at the Autódromo Hermanos Rodríguez after a first‑lap clash with his championship rival, Ferrari’s Sebastian Vettel, put them both to the back of the field. However, the 66-point advantage the British driver enjoyed going into the race meant Vettel’s fourth place was not enough to prevent Hamilton taking the title. In securing his fourth championship, Hamilton moved one clear of Sir Jackie Stewart, who took his third at Monza in 1973.

Stewart was knighted in 2001 but recently the trend has been for successful athletes to be given the honour while still competing. Andy Murray and Mo Farah were knighted in the 2017 new year list. Hamilton received an MBE in 2009 but said he would very much welcome further recognition.

“I have missed the Queen since I had lunch with her when she invited me to the Palace,” he said. “I have always wanted to go back, that would be the greatest honour. I have been trying to represent England the best way I can and if that is at some stage recognised by the Queen I would be incredibly honoured.”

Murray revealed he had reservations about accepting a knighthood because he was worried it would distract him from his ability to perform and that being referred to as Sir might be awkward. Hamilton would be more than happy to embrace it.

“I would enforce it on everyone,” he said with a smile. “Friends, everyone. It is such an honour. I have friends who are Sirs and I call them Sir. It’s unique, why not enjoy it?”

Hamilton won the championship for McLaren in 2008 and now has three with Mercedes after also triumphing in 2014 and 2015 but his fourth title has come after a tough season in what was a close fight with Vettel and a resurgent Ferrari. Hamilton said after the race that he wanted a fifth and with his contract with Mercedes up at the end of 2018 has confirmed that he expects a new deal to be struck within a month. His previous contracts with the team have been for three years and it is expected a new one would take him through to the end of 2021.

“It is quite an easy process for us, we already have something in place and it’s really just about extending it and enhancing it,” he said. “[We will be] working on what more I can do for them and vice versa. I am pretty sure within the next month or so we will have had time to have sat down.”

Nico Rosberg retired immediately after beating his then team-mate Hamilton to the title last year. Hamilton, who has stressed how much he has revelled in the battle with Vettel this year, pointedly said he had no intention of emulating Rosberg while he was still enjoying racing. “I’ll continue to race while I love it and I’ve enjoyed it this year more than ever,” he said.

“I could do the easy thing like Nico did, which is just stop and retreat with these four titles, but I think there’s more in me. I think there’s more to come, more of a challenge, as there are harder times ahead and I like that, I love that, that’s challenging.”

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The race in Mexico was won by Red Bull’s Max Verstappen, with the hugely talented 20-year-old securing his second victory this season. Hamilton recognised his achievements and welcomed the competition that he would face in trying to equal Juan Manuel Fangio with a fifth title. “You have a potential world champion in Max and he is only going to get stronger with age. He has a lot of raw talent at the moment, he is young and has a long way to go but these wins are only adding to his great potential and I am looking forward to battling with that.”

Whether he receives a further honour or not, Hamilton can be rightly pleased with the conclusion to what has been a challenging year. Vettel’s Ferrari has often been more than a match for the Mercedes and for a large part of the season the German held the upper hand. Hamilton has won nine races to Vettel’s four but the latter led the title race until the 13th round at Monza and only saw his title hopes crumble in a series of three races where he had two DNFs and a fourth place.

With the new regulations now well established and Red Bull showing a vast improvement in the final third of the season, Hamilton is eagerly anticipating even greater competition come 2018.

“I have to figure out the positives and negatives of this year and see how I can improve for next year,” he said. “I want to be better next year. The challenge is going to be even bigger from Red Bull and Ferrari. F1 doesn’t sleep or stand still, there is always someone waiting to take your position, so I have to raise my game to another level and that motivates me.”