After the reigning world champion said he hopes the deal is "done" this weekend in Malaysia, El Mundo Deportivo said Hamilton has indeed now signed up for the 2016, 2017 and 2018 seasons.
"The official announcement is expected shortly," said correspondent Raymond Blancafort.
Until now, rumours of enormous pay demands by Hamilton have coincided with reports the 30-year-old has been in touch with Ferrari, and even recently bought an ultra-rare 'LaFerrari' supercar.
Asked by F1's official website if he knows his 'market value', having conducted his own contract negotiations for the first time, Hamilton answered in Malaysia: "I definitely, definitely do."
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