Verstappen, 24, has been rewarded for beating Hamilton to the world title last year and it’s expected his new contract will see him remain a Red Bull driver until close to his 30th birthday.
Verstappen has always said he will remain with the Milton Keynes team if they delivered a machine capable of fighting for world titles.
Max Verstappen’s new contract will prevent Mercedes from targeting him as a replacement for Lewis Hamilton should the Briton retire at the end of his current deal in 2023 – as is widely expected.
Verstappen will begin his drivers’ championship defence later this month when the 2022 season starts in Bahrain on Sunday, 20 March.