Vettel Set to Sign Red Bull Contract Until 2014

Sebastian Vettel is close to signing a 3-year extension to his current deal with Red Bull, as recently reported by some media in Germany. According to the Sport Bild, the reigning world Formula 1 champion has been offered a retainer of EUR 10 to 12 million per year by the Austrian company and is set to sign a new agreement with Red Bull that will keep him at Milton Keynes until at least the end of 2014.

Both Vettel and his teammate Mark Webber are entering their last year of contract with Red Bull this season, but the team has an extra option to prolong the former's stay with one year, until 2012. However, reports through 2010 have hinted that the team is trying to secure Vettel's future at Milton Keynes for the next 4 years.

Following allegations that the German driver is contemplating a move to rivals Ferrari or even Mercedes in the near future, the Austrian company has move fast to begin contract negotiations from 2011 onwards, and will apparently get theirs in the weeks to come.

“We are in the talking phase and nothing is signed yet. It's going to take some time yet,” said recently Red Bull's motorsport advisor Helmut Marko, hinting at the intense negotiations Red Bull is having with Vettel.

According to the report in the Bild, the new contract would also give Vettel more spare time, limiting his PR appearances for Red Bull. In addition, the Austrian team would also ensure that Adrian Newey, the design guru behind the team's title winning campaign in 2010, will stay at the team until 2014.

“We have bound until and including 2014 all of our most important pillars,” added Marko.