Max Verstappen has signed a new contract with Red Bull that will keep him in the team until the end of 2028.
The Dutchman was already under contract with Red Bull until the end of 2023, and the club stated that the new contract was "in addition to" his previous one.
"I love this squad, and last year was simply great," Verstappen remarked.
"Our goal since we first met in 2016 has been to win the title, and we have done so." Now it's all about keeping the number one on the car for the long haul."
The new contract is reported to be around €40-50 million (£33.3-41.7 million) per year, making it one of the most expensive in F1 history.
Lewis Hamilton, a seven-time winner, is reported to earn around £40 million from Mercedes before his numerous endorsements are factored in.
"To have Max contracted with Red Bull Racing through the end of 2028 is a tremendous statement of intent," Red Bull team principal Christian Horner stated.
"Our immediate focus is on keeping Max's world championship title, but this agreement also demonstrates that he is a part of the team's long-term plans."
Following the departure of engine partner Honda from Formula One in 2022, Red Bull will enter a new era.
The original idea was for Red Bull to take over engine production in 2023, but motorsport consultant Helmut Marko stated earlier this year that the engines will continue to come from Honda's R&D headquarters in Japan until 2025, when a new engine-design formula will be used in F1.
In theory, Red Bull would have to develop its own engines for the next era, when engines will get a bigger amount of their power from hybrid energy and use entirely sustainable, most likely synthetic, fuels.
Red Bull, on the other hand, has been strongly linked with the Volkswagen Group, which is slated to enter F1 with either its Porsche or Audi brands in 2026.
"With the Red Bull Powertrains section working towards the new engine restrictions in 2026, we wanted to make sure we had secured the best driver on the grid for that car," Horner stated.
Verstappen's contract is a continuation of a trend in which elite F1 drivers pledge their futures to single teams for an extended period of time.
Hamilton has been a member of the Mercedes team since 2013. Charles Leclerc signed a contract extension with Ferrari through the end of 2025 two years ago. Lando Norris, meanwhile, committed to McLaren last month until the end of 2025.
The belief is that developing a stable atmosphere and optimizing working methods around a known and respected driver quantity is the best approach to achieve success - a strategy clearly pioneered by Michael Schumacher and others.