July 19 (UPI) -- World champion Formula One driver Lewis Hamilton has signed a two-year contract extension with Mercedes.
The German car manufacturer announced the agreement Thursday afternoon. Sources told the BBC and Sky Sports that Hamilton will make at least $38.9 million -- which could rise to $51.9 million with bonuses -- annually in the deal.
"Mercedes-AMG Petronas Motorsport and Lewis Hamilton today announced the agreement of a two-year contract extension for the 2019 and 2020 Formula One seasons," Mercedes said in a news release.
Hamilton, 33, joined Mercedes in 2013. He has three world titles and 44 Grand Prix wins during that time. By the time he reaches the end of 2020, Hamilton will have the longest period for a driver with a single team in the sport's history. Overall, Hamilton has four world titles and 65 wins in 218 races. The 65 wins are second all-time behind Michael Schumacher.
"Through these achievements, Lewis has earned his place in history as the most successful driver in the 112-year Grand Prix racing tradition of Mercedes-Benz," Mercedes said.
Hamilton led the field in earnings in 2018, cashing in for $51 million in salary.winnings and endorsements, according to Forbes. Hamilton ranked No. 12 on Forbes' list of top earners for 2018.
"I have been in the Mercedes Family since 1998," Hamilton wrote Thursday on social media. "I am forever grateful for their continued support, unwavering love and protection over these years. I'm incredibly proud of what we have achieved together and even more excited of what we will achieve together moving forward. There is no better place for me than right where I am. A big thank you to the team for their patience and to Toto for trusting in me. We win and we lose together always. Here's to the future."