Hamilton is Britain's best paid sportsman

Lewis Hamilton

Lewis Hamilton has moved into pole position as Britain's highest paid sportsman, according to The Times' latest Rich List.

Hamilton, who came second in the Formula One World Championship during his rookie season last year, has eclipsed England football star David Beckham as the best paid sportsman in Britain.

The 23-year-old already has a basic salary of Â£75 million with McLaren over the next five years.

Beckham's Los Angeles Galaxy salary and commercial endorsements earn him in the region of Â£16 million a year.

However, Hamilton is set to sign a sponsorship three-deal in the region of Â£10 million with Reebok which will make him one of the company's "global brand ambassadors".

McLaren, known for forbidding their drivers to sign personal image rights deals, has given their young star their full blessing to sign the mega deal with the sports manufacturer.

"We can confirm that Lewis Hamilton's father and manager Anthony has been in discussions with Reebok with regard to a personal sponsorship for Lewis," a McLaren spokesperson said.

Hamilton is reportedly also in negotiations with drinks manufacturer Pepsi about a seven-figure deal.

It is believed the McLaren driver could command career earnings of more than Â£500 million ($1 billion) over 10 years, which would put the Â£500 million Michael Schumacher earned during a 17-year career well in the shade. Planet-F1