Hamilton is the reigning F1 world champion, having secured his fourth title last year at the expense of Ferrari’s Sebastian Vettel.
Three of those triumphs have come since Hamilton made his 2012 switch from McLaren to Mercedes and he is now entering his sixth season with the team.
But the 33-year-old has less than 12 months left on his contract and his potential availability has both Ferrari and Red Bull hovering in the wings.
However, Mercedes boss Toto Wolff has poured cold water on the idea that Hamilton might leave the team or that he is in search of “a new challenge”.
“Lewis Hamilton is the personification of hunger,” Wolff said at today’s launch of the Mercedes W09.
“He is extremely motivated and coming back after the winter break and I don’t think that lack of hunger is an issue for him.
“He is in good spirits.
“And in terms of our deal coming together, very good discussions, ticking the dots and expecting to come up with some news soon.”
Hamilton’s next contract is likely to be his last in F1 with the Brit eyeing a number of projects outside of the series.
But former world champion Nigel Mansell thinks him unlikely to end his career with another team, even though that could change depending on the car’s performance in 2018.
“I would be very surprised if Lewis did not sign a new deal with Mercedes but if Red Bull or Ferrari were to do something special over the winter by making the jump over Mercedes, and then offer Lewis Hamilton an incredible deal, who knows?” Mansell told the Press Association.
“At the moment however, Lewis has the world at his feet, he is in the best car and at the best team, so why would you want to change it?
“Some people in their careers are very privileged to be in a strong position and Lewis is one of those because he can afford to be patient.
“When the time is right for him, he will sign on the dotted line.”