George Russell nears £30m-a-year Mercedes deal - with bosses accelerating talks amid Max Verstappen's Red Bull stance
Negotiations have accelerated over the last few weeks and a source close to the talks confirmed: 'All the main points have been agreed.'
Finer details, such as the number of sponsor appearances Russell will undertake, are still to be ironed out.
Mercedes have pushed for a conclusion ahead of the summer break that follows this weekend's Hungarian Grand Prix.
But there may be too many obstacles for that to be accomplished by then, with Russell's management, supported by legal advisers, poring over the new contract.
Mercedes have accepted that defending world champion Max Verstappen is staying at Red Bull for 2026. He would have been mad to move before seeing how new regulations coming in next season play out.
And now that the Dutchman is 28 points clear of Russell following Sunday's Belgian Grand Prix, it is impossible for him to activate a release clause that relied on him being outside the top three in the championship by the time of the summer break.
Verstappen, third in the standings to Russell's fourth, could still buy himself out of his Red Bull deal, which runs until 2028, but he is not even considering that. Nor are Mercedes.
So Mercedes will stick with Russell and Italian teenager Kimi Antonelli.
Mercedes are belatedly content that Russell is a suitable No1, having produced his most consistently impressive form this year. He notched a win, in Canada, and has outscored Antonelli 157 points to 63.
Russell may have hoped for a salary closer to those of Verstappen and Ferrari's Lewis Hamilton - each on about £60m a year. But their achievements, with 11 world championships between them, dwarf Russell's four race victories - for all his potential indicated by near-flawless displays in an often-tricky car.
Nor does he have the mass global fan base of Hamilton, his predecessor as Mercedes' star driver (whom Russell beat in two of their three seasons together), and the relative limit of his commercial attractiveness to the brand and business is reflected in the terms he is being offered.
Mercedes have told Russell, for example, that if he reduces his sponsor commitments it is fine but will be reflected in his pay.
However, a salary of around £30m still puts him on a par with leading non-championship winning contemporaries such as Charles Leclerc at Ferrari and Lando Norris at McLaren.
A multi-year deal is a vote of confidence in Russell from boss Toto Wolff, though it remains to be seen what freedom of he might have if he wanted to move from the Silver Arrow in the next couple of years.
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