Lewis Hamilton during a press conference in Yas Marina Circuit, Abu Dhabi, Nov. 17, 2022 (Reuters)

Lewis Hamilton has begun talks over a new contract with Mercedes, the Formula One team confirmed on Wednesday.

The seven-time world champion said during the launch of the team's new car for the 2023 season at Silverstone that he is "planning to stay a bit longer."

Mercedes team principal Toto Wolff indicated that discussions over an extension to Hamilton's £40 million-a-season ($48 million, 45 million euros) deal, which expires at the end of the year, are underway.

"We have had a first chat, but I don't want to commit to any timeline," said Wolff.

"That is not important for him or for us. His current contract runs a full year and we will find the right time," he clarified.

According to Wolff, "n terms of the contract, we have always found good solutions that reflect his value to the team, and the sport, and Mercedes is the place he wants to be. Nothing is dragging on, the alignment is great and this will be a journey that continues."

Hamilton recorded his worst championship finishing position of sixth in F1 last year.

"How he (Hamilton) appears to me is in great form, very positive, motivated, energised, and maybe the best so far I have seen in those 10 years at Mercedes after the winter," the Mercedes team principal said.

Wolff considered that Hamilton "knows what he has with the team. We have won eight constructors' titles in a row, and we got it wrong last year. The resource and the capability is there and we just need to continue to develop like we have done last season."

Earlier, Hamilton said, "I have been here a long time. I continue to love racing and that is never ever going to change. It is part of my DNA and I always believe I can get better."

"There is always a new log-book and new tools that you have to get used to, and I love that so I am planning to stay a little bit longer," the 38-year-old indicated.