Max Verstappen is poised to sign a lucrative new deal to keep him at Red Bull for the next few years, according to Netherlands newspaper De Telegraaf.
The world champion’s existing deal with Red Bull expires in 2023 and the newspaper says the new one would extend it by an additional four or five years.
The deal for the Dutchman, 24, is said to be worth €40-50m (£33-42m) a year.
Verstappen’s father Jos directed BBC Sport to Red Bull for a response to the story, but the team refused to comment.
The new deal, which has been expected for some time, would rank among the most lucrative in F1 history.
Britain’s Lewis Hamilton is thought to earn a salary of about £40m from Mercedes, before the former world champion’s many endorsements are taken into account.
Red Bull motorsport director Helmut Marko confirmed last month that the company were “in talks” with Verstappen over a new deal.
The Austrian said last year that Hamilton’s salary was too expensive for F1 and that the sport should introduce a wage cap for drivers.
At the end of last year, after clinching the title in the controversial season finale in Abu Dhabi, Verstappen said he was keen to stay at Red Bull for years to come.
Verstappen, whose current deal runs to the end of 2023, said: “I’m very, very happy where I am, that’s for sure – like I said in the radio message at the end of the race. Of course, that’s when you’re very emotional but I mean it because I really love being part of this team.
“There is no reason to leave here and I want to continue racing for this team for a long time.”
He admitted the tension between Mercedes and Red Bull during last season made it “not very likely” he would move to his current team’s rivals in the future.
Red Bull team principal Christian Horner said at the time: “We have him on a long-term deal. It is about relationships and he is a highly valued part of the team. We have seen him grow. There is a trust and a dynamic that works in both ways. He has incredible faith in the people around him and we do in him.”
