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Vodafone McLaren Mercedes has extended Lewis Hamilton's contract with the team for a further five years after he exceeded "all expectations" in his rookie year.
The new agreement will run up to and include the 2012 season.
Ron Dennis, CEO and chairman of McLaren Group, said: "Given Lewis's performances over the course of the 2007 season, it is clear that improved financial terms were fully deserved and this formed part of the friendly negotiations with Lewis's manager Anthony Hamilton.
"He went on to exceed all expectations for a rookie in Formula 1 ... even those of us in the team who have known him for over a decade.
"Vodafone McLaren Mercedes is looking forward to the new season, and we all expect that, with Heikki (Kovalanein) coming on board to partner Lewis, we will have a very competitive year."
Hamilton was equally delighted and said: "It's fantastic for me that Vodafone McLaren Mercedes has extended my contract until 2012. Whilst last year was my first year with the team in Formula 1, I have been connected to McLaren and Mercedes-Benz since 1998 and feel that I could easily drive for this team for the whole of my Formula 1 career.
"I am with the right team to compete for race wins and both the drivers' and constructors' World Championships in the future.
"We will have a lot of challenges ahead, but I am 100 per cent positive I am with the people to take them on.
"The first of those challenges is the 2008 season. I am enjoying working closely with the team as we push hard with the development of the MP4-23. We have more than 50 days to go until the lights go out on the grid at Albert Park and we are motivated to make the most of this time and arrive in Melbourne with a competitive car."
Norbert Haug, Mercedes-Benz Motorsport vice-president added: "Lewis proved his exceptional skills in his rookie season last year by finishing as runner-up one point behind the world champion with four victories and six pole positions in 17 races. It is well known that McLaren, Mercedes-Benz and Lewis have worked together already for 10 years. He was still a boy when he started in the MBM karting team.
"Lewis's performance and successes last year and the way he represents the team and our company Mercedes-Benz in the public are first class. His father Anthony and Lewis's family play an important part in his development.
"Together we have now created a long term base for a successful collaboration in Formula One and everybody inside the Vodafone McLaren Mercedes team will work very hard and concentrate to achieve our goals."
