Seven-time F1 world champion Lewis Hamilton extended his contract with Mercedes until the end of 2025 ahead of the Italian Grand Prix on Friday.

Mercedes also confirmed fellow Brit George Russell as his teammate for both seasons.

No financial details were disclosed. Some media reports have suggested the deal could be worth 50 million pounds a year ($63.41 million) for Hamilton, while others reported a substantially higher figure.

Hamilton is set to be over 40 years old when his new contract with the team expires in just over two years' time.

"Mercedes has supported me since I was 13 and we still have unfinished business. We are in this together and we've got a lot of work to do to get ourselves back to the front, but there's no place I'd rather be," Hamilton said.

"The goal is simple, setting the target (to be in championship contention) is simple, but achieving that target is not, so it is going to take all of us pulling together.

"It takes consistent work, and from a driver's perspective, you've got to make sure that you perform every weekend.

"Even though I have been driving and racing all these years, I still feel like I can improve each weekend and that's what I love about this sport.

"You are never going to reach perfection, but the pursuit of perfection is one of the most exciting things about what we do."

Hamilton recently told Sky Italy that he was "no more impressed" with the achievements of Max Verstappen, the reigning world champion from Red Bull, than he had been when others were winning and dominating.

"When I qualified half a second, six tenths ahead of Valtteri (Bottas), they (the media) didn't say the same thing as they say today when Max qualifies six tenths ahead of (Sergio) Perez," Hamilton said.

"It's blown up much more. In my personal opinion, Valtteri and all of my teammates have been stronger than the teammates that Max has had," he said.

"Jenson (Button), Fernando (Alonso), George (Russell), Valtteri, Nico (Rosberg), I've had so many. These guys have all been very, very strong, very consistent and Max has not raced against anyone like that."

Verstappen is chasing his 10th successive win this weekend at Monza and leads Perez by a mighty 138 points after 13 of 22 races.

Red Bull Racing Team Principal Christian Horner told the media: "I think it's great that he's extended."

"He's a big name in F1. He's a global name throughout sports and obviously, he's the most successful driver in F1's history, so for him to be extending that relationship, I think, is good news for the sport," he said. 

"It's always great to race against him. He's fit and motivated," he added.

Horner also lavished praise on two-time world champion Fernando Alonso, currently with Aston Martin, for continuing to race in his 40s. "I think Fernando is setting a new bar for what the age limit is in F1," Horner added.

"It just shows that age is no barrier if you have the motivation, commitment and passion to do it."

(With input from agencies)