After helping McLaren to a constructor's championship in 2024, Oscar Piastri was rewarded with a multi-year contract worth nearly $26 million per year, according to Racing News 365.
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The new deal replaces Piastri's contract that ran through 2026 and was set to pay him over $7 million per season.
"It's a great feeling knowing that I'm part of McLaren's long-term vision," Piastri said in a release.
"The team had the belief in me when we signed in 2022, and the journey we've gone on over the past two seasons to help return McLaren to the very top of the sport has been incredible.
The 23-year-old Australia native won a pair of races in 2024 and finished fourth in the driver's standings with 292 points, while teammate Lando Norris was the runner-up with four wins and 374 points. Norris signed a long-term extension before the 2024 season.
The McLaren constructor's title ended a two-year title run for Red Bull and gave the team its first championship since 1998.
Piastri's deal comes just as F1 is set to open its 2025 season with the Australian Grand Prix on Saturday in his hometown of Melbourne.