Sports Mole rounds up all of the latest news regarding Formula 1 on Monday, January 25.

Monday morning's Formula 1 news roundup

Wolff says Hamilton contract deadline 'before Bahrain'

Toto Wolff has set an eleventh-hour deadline for the conclusion of contract negotiations with Lewis Hamilton.

Dr Helmut Marko is regarding the obviously troubled negotiations as a potential boost for Red Bull, telling RTL that he hopes the "unrest works in our favour".

"The lawyers are hard at work," Mercedes boss Wolff told ORF's Sport am Sonntag program.

He was speaking from Kitzbuhel, where he spent the last ten days in quarantine after testing positive for covid-19.

"No symptoms, thankfully," said the Austrian. "We're out of quarantine now."

As for the Hamilton talks, Wolff is setting a worryingly late deadline for their conclusion.

"We have to sign something at some point before Bahrain at the latest," he said.

Wolff insists that he is not making any serious threats in the negotiations, amid rumours George Russell is the obvious favourite to step in.

"In our long-term partnership it is never about any threatening gestures. I did threaten him that I am next in line for his seat," he joked.

"We will pull out the pen at some point. We have such a solid basis in our relationship and we want to continue to have more successes in the future."

Magnussen received F1 offer for 2021

Kevin Magnussen says he was approached by another Formula 1 team after being ousted by Haas.

The Dane, who is currently enjoying a competitive start to his post-F1 career at Daytona, told the Danish magazine Dossier that he turned down the alternate Formula 1 seat.

"I can't really say who it was, because I think it will make someone mad," Magnussen smiled in Daytona. "Because it was a team that is no better than Haas.

"It's not that hard to figure out."

Haas finished the 2020 world championship ninth - just ahead of Williams, and just behind Alfa Romeo.

"Even though I had a chance to stay in Formula 1, I didn't feel motivated to continue like that," Magnussen, 28, insisted.

"I would have liked to have had a chance to win with one of the big teams."

More news from Formula 1:

Ferrari makes 50hp engine 'leap' for 2021
Ferrari has made "a significant leap" in engine performance for 2021. Read more.

Haas must keep teammate friction 'under control'
Mick Schumacher may struggle in 2021 as he makes his Formula 1 debut for Haas. Read more.

McLaren engine change 'on schedule' - Seidl
McLaren's 2021 car is "on schedule", even though the team is busy with the switch from Renault to Mercedes power. Read more.

Marko expects engine freeze vote to 'go well'
Dr Helmut Marko is hopeful Formula 1 will agree to an engine development freeze for 2022 and beyond. Read more.

Jenson Button to own and drive team in Extreme E
The former Formula One world champion has founded the JBXE team for the series. Read more.

Vaccines should improve F1's covid situation
Spanish GP boss Ramon Tremosa says he isn't sure if Barcelona will be able to welcome spectators to the Barcelona race in May. Read more.

Racing no longer just 'show and profit' - Rosberg
Motor racing can no longer be just about "the show and profits", according to 2016 world champion Nico Rosberg. Read more.

Perez will know Verstappen speed 'after five races'
Sergio Perez says he will discover Max Verstappen's true pace "after five races" this season. Read more.

Sainz expects to 'chase' Leclerc early in 2021
Carlos Sainz is expecting to start the 2021 season at a "slight disadvantage" compared to his Ferrari teammate Charles Leclerc. Read more.