Formula 1 world champion Max Verstappen has agreed a long-term contract extension with Red Bull.

The Dutchman, who was already locked in until the end of 2023, has now agreed to remain with the Milton Keynes squad until the end of 2028.

Reports indicate the contract could make the 24-year-old the highest paid driver on the grid, with a retainer of up to 50 million Euros suggested.

Seven-time world champion Lewis Hamilton is believed to earn just shy of that figure.

“I really enjoy being part of the Oracle Red Bull Racing team, so choosing to stay to the 2028 season was an easy decision,” Verstappen said.

“I love this team and last year was simply incredible, our goal since we came together in 2016 was to win the championship and we have done that, so now it’s about keeping the number one on the car long-term.”

Team boss Christian Horner added: “To have Max signed with Oracle Red Bull Racing through to the end of 2028 is a real statement of intent.

“Our immediate focus is on retaining Max’s world championship title, but this deal also shows he is a part of the team’s long-term planning.

“With the Red Bull Powertrains division working towards the new engine regulations for 2026 we wanted to make sure we had the best driver on the grid secured for that car.”

The new deal comes as no surprise as both team and driver expressed a strong desire to continue working together in the days following the 2021 world championship.

It does leave Verstappen with what is believed to be the longest-term contract on the grid.

Last month, Lando Norris signed on with McLaren until the end of 2025, while Charles Leclerc, Esteban Ocon, and Valtteri Bottas all have contracts in place until the end of 2024.

Daniel Ricciardo, Hamilton, and Pierre Gasly are in the penultimate year of their current agreements, though there are options for the team that could see Ricciardo stay on for at least one more season beyond that.