Toto Wolff has announced that he will remain Mercedes team principal in 2021.

For months, the 48-year-old Austrian has been hinting at a new, more 'hands off' overseeing role for the future, which may explain why Lewis Hamilton is yet to commit to a new deal beyond 2020.

But Wolff has now told the Austrian broadcaster ORF: "I think I'll stay for one more year or so."

When asked if that means he will still be team boss in 2021, he clarified: "Yes, exactly."

Then, from 2022 and beyond, the full effect of the new budget cap will be in force as Formula 1 moves to its entirely new set of technical regulations.

"I think the next two years could be an interesting situation so as long as I enjoy it, I want to keep doing what I do," Wolff explained.

"I know that little by little I will have to appoint and train my replacement and he could work alongside me with that next year," he added.