Toto Wolff has ended any lingering uncertainty about his role in Formula 1 by confirming that he is staying put for 2021.

"Yes, I will stay in Formula 1," he told Suddeutsche Zeitung newspaper. "Also as team boss."

With his existing contract with Mercedes parent Daimler expiring at the end of December, the 48-year-old had earlier hinted that he might take a different direction for 2021 and beyond.

Wolff had said his deliberations were based on finding a better 'work-life balance'.

"But in the end I came to the conclusion that there is no work-life balance for me. Actually, for me, everything is life," said the Mercedes team boss.

"I enjoy running this company and I share my passion for motorsport with my wife," Wolff added.

Amid the uncertainty about Wolff's future, it is conspicuous that Lewis Hamilton is also yet to sign a new contract for 2021.

Some suggested the delay was about money - particularly as Formula 1 is planning to impose a salary cap for the drivers in the near future.

"The salary cap will definitely come," Wolff said.

He explained that similar caps in other sports had helped to "make the companies profitable".

"This is how the whole circus stays alive," said Wolff. "You can't ask for investors get into Formula 1 and stay if they have to subsidise their team every single year."