Piastri was already locked away until the end of next season but has agreed new terms with the team.
The renewal comes off the back of Piastri and team-mate Lando Norris delivering McLaren’s first constructors’ championship in over a generation in 2024.
“It’s a great feeling knowing that I’m part of McLaren’s long-term vision,” Piastri said of the new contract.
”The team had the belief in me when we signed in 2022, and the journey we’ve gone on over the past two seasons to help return McLaren to the very top of the sport has been incredible.
“There are so many talented and special people working at MTC who have helped me to become a Formula 1 race winner very early in my career.
“Therefore, I’m very proud to be continuing to represent this legendary team for many years to come.
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“I’m excited to fight for the big prizes as a McLaren driver and after last year’s fantastic achievements, it has made me even hungrier to stay at the sharp end.”
Piastri joined McLaren for the 2023 as Daniel Ricciardo’s direct replacement.
A promising debut season laid the foundation for two race wins last season as the 23-year-old played an important role in both McLaren’s title success but also in Norris’ pursuit of the drivers’ crown.
According to Forces, Piastri’s previous deal had a base salary of just over AUD $8 million, with bonuses last year taking his earnings above AUD $35.6 million.
That saw him ranked the seventh highest paid driver in F1, more than AUD $20 million shy of what Norris earned.
Bonuses rocket Oscar Piastri onto highest paid F1 drivers list
“It’s fantastic to confirm Oscar’s extension with McLaren,” said Zak Brown, McLaren CEO, of Piastri’s new deal.
“Not only is he an incredibly talented driver, but his work ethic and cultural fit within the team made it a no-brainer to extend his time in papaya.
“We’ve got the best driver line-up on the grid, and in the past two seasons, we’ve seen how much of an asset to the team Oscar is both on and off track.
“He was absolutely fundamental in adding to our legacy with the 2024 constructors’ championship last season, so we’re all excited to see what we can do in the years to come as we continue to fight for world championships together.”
Team principal, Andrea Stella, added: “Further extending our partnership with Oscar is a symbol of our belief and trust in him as a driver, as well as a reflection of our shared ambition to continue in our fight for championships together.
“It has been a pleasure working with Oscar throughout the past two seasons and he has continued to prove how impressive he is in terms of his talent, determination and work ethic as a driver and his contribution to our team and culture as a person.
“Alongside Lando, we have what we need locked in for the long term to keep pushing forward.
“I look forward to continuing to watch Oscar grow and develop as a driver and know that many successes lie ahead for him.”
Piastri’s new deal comes on the eve of the 2025 F1 season getting underway in Melbourne.
McLaren heads to the Albert Park event as favourites after a positive showing in pre-season testing last month.
“A bit up and down, I would say,” Piastri said of McLaren’s testing performance at the time.
“Some of the runs have looked very strong, others have been a bit trickier.
“It’s so hard to know and I’m expecting it to be pretty tight once we get to Melbourne next week.
“But it felt decent. It felt pretty similar to last year, but you just never know.
“With this generation of cars, it’s never going to feel as good as you ever want it to; it’s just whether that’s better than everyone else.”
Piastri ended 2024 pointing to his single lap pace as the root of some of his tougher weekends, deeper analysis revealed more underlying elements to work on.
“I said at the end of last season, qualifying is something I want to work on, but I think going through a lot of the details and things, it’s not just qualify better,” he explained.
“There’s some specifics that, if I can improve on those, it’ll make everything better, and then you get the confidence and everything kind of naturally helps itself.
“So there’s definitely some opportunities we’ve identified and I think if I can work on those, then hopefully those weaker weekends at some points from last season will disappear.”
F1 track action in Melbourne gets underway on Friday with two practice sessions, the first at 12:30 AEDT.
Before then, Piastri is scheduled to appear today at the F1 Fan Festival at Melbourne Park Oval.
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