Lewis Hamilton
Hamilton is set to join Mercedes on a three-year dealReuters

British Formula One racing driver Lewis Hamilton has stepped into the shoes of the seven-time World Champion, Michael Schumacher, by signing a £60million deal with the Mercedes.

The 2008 Formula One World Champion has quit McLaren, for which he made his Formula One debut in 2007, turning down a £36m deal.

"It is now time for me to take on a fresh challenge and I am very excited to begin a new chapter racing for the Mercedes Formula One Team. Mercedes-Benz has such an incredible heritage in motorsport, along with a passion for winning, which I share. Together, we can grow and rise to this new challenge. I believe that I can help steer the Silver Arrows to the top and achieve our joint ambitions of winning the world championships," The Sun quoted him as saying.

Mercedes boss Ross Brawn told The Sun that he is "delighted to welcome Lewis Hamilton to our team". "The arrival of a driver of Lewis' calibre is a testament to the standing of Mercedes-Benz in Formula One and I am proud Lewis shares our vision and ambition for the success of the Silver Arrows. I believe the combination of Lewis and Nico (Rosberg) will be the most dynamic and exciting pairing on the grid next year and I am looking forward to what we can achieve together," he added.

It is not sure if Michael Schumacher, who returned to the track after announcing his retirement, will hang up the boots for the second time or join another team following the signing of Hamilton.

Meanwhile, the McLaren has signed Mexican driver Sergio Perez to replace Lewis Hamilton.