The summer-into-fall saga of Lewis Hamilton's Formula 1 future appears headed for Mercedes from 2013, according to British newspaper reports. Hamilton is set to replace Michael Schumacher at the team, having not yet renewed with McLaren.
In a report from the British Daily Telegraph, Mercedes is waiting to sign off on the new Concorde Agreement before making an official announcement. The Guardian estimates Hamilton's new deal valued at £15m a year for three years (roughly $24.3 million annually).
Hamilton has won three times this year but with several failures to finish, his title chances have taken a hit. The 2008 World Champion would be pairing with Nico Rosberg for the first time since their karting days with Mercedes. They arrived in F1 a year apart, after each winning the GP2 title the year previous.
Schumacher's status would be uncertain, as to whether he'd have another racing opportunity or move into retirement for the second time. Reports are also suggesting Sergio Perez could replace Hamilton at McLaren, the Mexican having impressed with three podiums for Sauber this season and widely linked to Ferrari to replace Felipe Massa.
Official confirmation is expected to come Friday.