British Formula One driver Lewis Hamilton is still effectively out of a job as he continues to negotiate a contract extension with the Mercedes F1 team. However, new F1 CEO Stefano Domenicali is urging him to stay in the sport and finally sign that deal.

Much has been said about Hamilton's two-year contract extension, which is speculated to be worth £40million a season. No one really expects Hamilton to suddenly walk away from the sport, but the delay in the contract signing has the F1 world on the edge.

Domenicali himself is dropping the reminder that the next season is set begin very soon, at the end of March in Bahrain. "I really hope that we can have this announcement soon because what he's going to fight for this year is something that from a sporting perspective is incredible," he said.

Hamilton is already tied with German legend Michael Schumacher with a record seven world championship titles. If Hamilton continues driving, he has the opportunity to take the sole lead.

"I can imagine the pressure and the dynamic on how he wants to reach this new record because that would be an incredible story to tell," continued Domenicali.

The new F1 chief also explained how he values Hamilton's presence in the sport.

"Lewis is a massive ambassador for F1. He is also an ambassador for other values and points that are really relevant," he said, in an interview shared by The Sun.

Mercedes team principal Toto Wolff admitted in January that he and Lewis are still "arguing" over the terms of his contract. He says that their teams of lawyers are having to deal with a number of curveballs that are being thrown at them.

Meanwhile, former F1 team boss Eddie Jordan thinks that the demands that are still being discussed are related to TV revenue and other bonuses.

Regardless of the reason behind the delay, Domenicali has made it clear that he would very much prefer to have Hamilton on board once he starts his reign as the new F1 chief. He says that the diversity initiative called "We Race As One," which was championed by Hamilton last season, is in the forefront of his plans for the future.

Lewis Hamilton
Lewis Hamilton Photo: POOL / Giuseppe CACACE