The Austrian, who owns a one-third share of the Formula One team, announced the new agreement following a meeting with fellow shareholders Ineos and Mercedes-Benz.

Wolff has overseen the day-to-day running of the operation since 2013 and feels he remains the best person for the job.

The 52-year-old, who guided Mercedes to eight successive Constructors' Championships from 2014-21, told the Daily Telegraph: "At the end of the day, as a shareholder myself, I want the best return on investment. And the best return on investment is winning.

"I'm not going to try to hang on to a position that I think somebody is going to do better than me. I make sure that I have people around who can tell me otherwise. In the end the three of us decided: 'Let's do it again'.

"I'm part of this team in various functions. I'm a co-shareholder. I'm on the board. These are things which will not change whatever executive, or non-executive, role I have.

"But I feel good. The risk for me is always more bore-out than burnout. And that's why I embrace the challenges we have today, even though they sometimes feel very, very difficult to manage."

The announcement ends speculation over Wolff's future in the team principal role.

It comes as the team confirmed on Monday they will unveil their new car for 2024, which will be driven by Lewis Hamilton and George Russell, at Silverstone on February 14.