Formula One superstar Lewis Hamilton just signed a monster $44 million a year contract

Mercedes-AMG announced on Wednesday they have handed two-time Formula One world champion Lewis Hamilton a three-year contract extension.

Including win bonuses, the 30-year-old Briton stands to make as much as $44 million per year having won last season's world drivers' championship and is dominating the current campaign with victories in three of the five races so far.

Hamilton's current three-year deal had been due to expire at the end of the season.

Rumors of the completed contract extension have been floating around the F1 paddock for most of the season. However, with confirmation of the agreement not coming until this week, rumors of the world champion's departure from the team have heated up over the past few months- with Ferrari believed to have been a possible destination.

Lewis Hamilton joined Mercedes-AMG in 2013 after making his F1 debut with McLaren in 2007- with whom the driver won the 2008 F1 drivers title.