Max Verstappen is reportedly set to sign a new contract worth £22m a year

Max Verstappen is reportedly set to agree a new contract with Red Bull that will see him increase his salary from £18m to £22m with bonuses also to be added on.

The reigning Formula 1 world champion is aiming to defend his crown in 2022 and will be hoping that the RB18 car that his team has given him is going to be quick enough.

Certainly, you would expect them to be up near the front once more even with the new regulations coming into play for this season, and Verstappen now knows he has the talent to win races and championships when the car is quick enough.

That all said, his wages are set to reflect his status in the sport as one of the best drivers and the current champion, with him set for a handy pay rise of £4m according to reports in his native Netherlands.

Indeed, Dutch newspaper De Telegraaf claims that in the next few weeks Red Bull and their driver will announce that fresh terms have been inked that will see his wage rise from £18m to £22m a year, whilst he’ll also get bonus payments on top of that for things like race wins.

The deal will cement further Verstappen’s status as one of the best-paid drivers on the current Formula 1 grid, with 7-time world champion Lewis Hamilton the only man that earns more in terms of wages.

Not a bad few months for the Dutchman, then, and he’ll be hoping that the good news keeps on coming as we get closer towards the Bahrain Grand Prix on March 20th and the start of a brand new Formula 1 season.