Lewis Hamilton will end his 14-year association with McLaren at the end of the season and switch to Mercedes.
The 27-year-old driver will reportedly sign a three-year deal worth £15 million a year.
According to reports today in several British newspapers, an announcement could come later on Friday.
Hamilton's contract negotiations have been a running saga all season.
Formula One star Lewis Hamilton will leave McLaren for rivals Mercedes in a deal which could land the British driver more than £60 million, according to the Daily Telegraph.
Multiple papers say the German team will today announce the 2008 World Champion has signed a three-year deal, replacing Michael Schumacher alongside Nico Rosberg from next season.
Hamilton has driven for McLaren his whole professional life after joining the Surrey-based team at the age of 13.
Britain's Lewis Hamilton wins the Hungarian Formula One Grand Prix.
Formula One driver Lewis Hamilton joked that he would have liked to have swapped his disappointing eighth-place finish in the British Grand Prix yesterday for the chance to carry the Olympic flame through his home town.
He had been due to carry the torch through Stevenage, the Hertfordshire town where he grew up, but swapped to today because of the clash with the race at Silverstone.
"It wasn't that great a day, so I would happily have missed that to come and do it that evening," he said.
Instead he carried the flame through Luton in Bedfordshire, describing the response from fans as "phenomenal". He added: "To be nominated to do this is a real honour, I never in a million years thought I would have a chance to do it."
He said he had bought his torch and planned to keep it above his mantelpiece.
Lewis Hamilton produced a stunning drive to become the seventh different winner of what is turning into a remarkable season.
Hamilton perfectly executed a two-stop strategy to take his third Canadian Grand Prix victory, and with it reclaim the lead in the drivers' championship.
