The F1 silly season is now in full swing with reports stating Michael Schumacher will be replaced at Mercedes by Lewis Hamilton for the 2013 season. More amazing, perhaps, Lewis will be paid £100m for his troubles, The Telegraph claims.

It’s being reported that McLaren only found out about the deal yesterday and an official announcement from Mercedes could come as early as tonight (Australian time), pending the expected sign off of the new F1 Concorde Agreement.

Michael Schumacher’s future is uncertain, but may involve an ambassadorial role with Mercedes.

Sergio Perez is now tipped to be the man to replace Hamilton at McLaren. Showing that F1 is as quick off the track as it is on, McLaren could even formalise their new signing later today as well.

[Source: The Telegraph]