The entire Formula 1 community can finally look forward to the 2021 season after the full roster of drivers has been confirmed. Reigning world champion Lewis Hamilton has finally signed a new one-year deal with the Mercedes F1 team.

F1 fans have been on the edge as team principal Toto Wolff revealed in January that he and Hamilton were still "arguing" about his contract renewal. With this new deal, the 36-year-old has confirmed that he will be with Mercedes for a ninth consecutive year.

However, the contract is only for the 2021 season, contrary to the speculations that the team was working on a two-year deal with an option for a third.

Wolff clarified that the reason behind the short deal does not necessarily mean that they do not want to work with Hamilton in the future. However, there are many changes in the sport and to the world at large, and they all need to put those changes into consideration as they plan their future.

According to the BBC, one of the major factors that may affect Hamilton's future with the team is a proposed "budget cap that starts this year at $145m (£114m) and new technical rules for 2022 aimed at closing up the field."

The pandemic also affected the contract, both in terms of the team's financial stability and the difficulty of discussing important matters over a videoconference call. Wolff says that in 2021, he intends to dedicate time early in the season to discuss future plans with Hamilton for 2022 and beyond.

The seven-time world champion also expressed his desire to build more success with the team. "We look forward to building on our success even further, while continuously looking to improve, both on and off the track," he said.

In terms of off-track ventures. Mercedes has agreed with Hamilton to continue to work towards "greater diversity and inclusion in motorsport."

Meanwhile, Wolff has denied previous reports of a "Verstappen clause" which allegedly gives Hamilton veto power over who gets to be his teammate in the future.

The 2021 Formula 1 season begins with the Bahrain Grand Prix on March 26.

Lewis Hamilton
Lewis Hamilton has won seven world titles, including the last four POOL / TOLGA BOZOGLU