Formula One world champion Max Verstappen has agreed on a lucrative long-term contract extension with Red Bull, Dutch media reported on Wednesday.

Verstappen's current deal with Red Bull expires in 2023.

Dutch newspaper De Telegraaf said that the 24-year-old is expected to extend his contract by four or five years.

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The new deal is said to be worth 40-50 million euros ($44.31-55.39 million) per year, making it one of the most lucrative contracts in F1.

Verstappen fought a down-to-the-wire battle with Mercedes rival Lewis Hamilton before clinching the title in controversial circumstances at the Abu Dhabi finale in December.

The new F1 season will get underway in Bahrain on March 20.