Reigning Formula 1 champion Lewis Hamilton is hopeful that his new contract with Mercedes will be finalised by the weekend.

The 30-year-old opened talks with the team at the end of last season after he won the championship title, but an agreement is yet to be reached.

Despite the lengthy negotiations, Hamilton has claimed that it is only a matter of time before a deal is struck.

"I hope that it's done by the weekend, that would be great, but if not, in due time," Hamilton told Sky Sports News.

Hamilton began the defence of his title in strong fashion by winning the Australian Grand Prix earlier this month.