Fernando Alonso is reportedly close to securing a new contract extension with Aston Martin that could keep the two-time Formula 1 World Champion with the team until the end of the 2028 season. However, the final agreement is believed to depend heavily on Aston Martin’s future competitiveness, particularly the performance of its upgraded power unit and technical package.

According to reports, Alonso is seeking a salary of around €40 million per season in the new deal. If approved, the contract would represent a €10 million increase over his current reported salary and would place him among the highest-paid drivers on the Formula 1 grid.

The proposed deal would reportedly make Alonso the third highest-paid F1 driver, behind only Lewis Hamilton and Max Verstappen.

At 45 years old, Alonso remains one of the most experienced and valuable drivers in Formula 1. His technical feedback and development ability are considered a major asset for Aston Martin, especially as the team continues its ambitious project under technical leadership from Adrian Newey and its partnership with Honda for the new generation of power units.

The biggest factor in Alonso’s decision appears to be whether Aston Martin can provide a car capable of fighting near the front. The Spaniard has previously made it clear that his future depends on having a competitive project rather than simply remaining in Formula 1.

Aston Martin’s recent upgrades and the upcoming Honda developments are seen as crucial steps in convincing Alonso that the team can become a genuine championship contender. The team has already introduced major technical changes, with further power unit improvements expected as the season progresses.

If the agreement is completed, Alonso would continue one of the longest careers in modern Formula 1 history, extending his journey well into the era of the new regulations and potentially giving him another opportunity to fight for victories before retirement.