Lewis Hamilton is demanding £40million a year to sign a new deal at Mercedes.
The six-time world champion, whose contract is due to expire at the end of this year, will lay out his terms when he opens serious negotiations with team principal, Toto Wolff, over the next few weeks.
Reports say Hamilton, 35, is seeking an improvement on his current salary, from approximately $45m (£36m) to $50m (£40m).
Such largesse would mark Hamilton out as clearly the best-paid driver on the grid, and augment his estimated £224m personal fortune that makes him one of the richest sportsmen.
Both sides claim they are relaxed about reaching an agreement, saying they trust each other implicitly.
The fact Ferrari have settled their driver line-up – bringing in Carlos Sainz to partner Charles Leclerc next season – reduces the options, and somewhat limits Hamilton’s bargaining power.