Hamilton set to overtake Beckham with new deal

LONDON, England (CNN) -- Lewis Hamilton is set to become Britain's highest paid sportsman after reports he is close to inking a $20 million personal sponsorship deal with Reebok.

The Times of London and the UK's Daily Mail newspaper reported a minimum three-year deal was imminent after news of it was leaked to a Web site. The Times also suggested he was in talks with Pepsi.

Interestingly, a spokesman for McLaren, the Briton's team, confirmed Hamilton's father and manager, Anthony, had been in discussions with Reebok.

In the past McLaren boss Ron Dennis has not allowed drivers to sign personal rights deals in addition to the team's sponsorship, however, it is widely believe this rule is being waived for Hamilton because of his already huge appeal and future potential.

The deal, expected to be officially announced in the next week, would see Hamilton join Reebok's stable of stars which includes footballers Thierry Henry and Andriy Shevchenko and basketballer Allan Iverson.

It has already been a lucrative year for Hamilton, who is only in his second Formula One season.

He received a big pay rise in January, signing a five-year contract with McLaren worth an estimated $140 million, and also has deals -- through the team -- to promote Bombardier, which flies him free of charge in its luxury jets, Mobil, Vodafone, Tag Heuer, Boss clothing and Hilton hotels.

The 23-year-old Hamilton also received an estimated $4 million for his autobiography from HarperCollins.

His earning potential is likely to see him head footballer David Beckham, who is being paid an estimated $32 million a year, as Britain's wealthiest sportsman.

Marketing experts believe Hamilton could even pip retired Formula One driver Michael Schumacher, who is worth more than $1 billion, as the sport's wealthiest competitor.

Stephen Cheliotis, chief executive of the Centre for Brand Analysis and chairman of the UK Superbrands and CoolBrands Council, told CNN earlier this year that Hamilton would earn considerably more than Schumacher, and that there would be a big gap between his earnings and that of the other drivers.

"He is young, mixing with the right people everyday -- rappers, film stars -- and a lot more articulate than Kimi Raikkonen," Cheliotis said.

"He is also the first black driver and it does have a bearing, much like Tiger Woods in golf. He is also the most marketable because he is going to be the best, much like Michael Schumacher."

Indeed, Schumacher, who was the first driver to win the right to have individual sponsorship deals, has paved the way for Hamilton.

The German and his manager, Wili Weber, convinced Ferrari to allow him to sign a $10 million annual deal with a German bank to place its logo on his cap.

Schumacher also actively pursued the development of his own retail range, which included caps -- he sold hundreds of thousands at $30 a pop -- and even a branded vacuum cleaner.

Hamilton, it appears, will not be needing a vacuum to clean up.

All About Lewis Hamilton • Ron Dennis • Michael Schumacher • Kimi Raikkonen