However, an announcement is still forthcoming, prompting Coulthard to suggest that discussions over Hamilton’s off-track engagements could be behind the wait.
“Mercedes will want a certain amount of time from Lewis for their partners,” Coulthard told the PA news agency.
“Mercedes will have sold sponsorship on obtaining access to their drivers. Some businesses will have signed up with the Silver Arrows because Lewis is there, rather than George Russell.
“Perhaps Lewis might be wanting to do fewer days or have fewer commitments?
“What Lewis will be signing up for goes way beyond him driving at a grand prix. It is about what rights he retains in terms of his image, and what rights he sells to the team.
“Mercedes are buying more than just Lewis’ driving services. They are buying his promotional image and his PR image.”
Despite the protracted hold-up, Coulthard believes that neither party is having doubts about getting an agreement sorted.
“I am not aware Lewis is having a change of heart about whether he wants to go racing or not, and I don’t think Mercedes are having second doubts,” the Scot added.
“I don’t think there is any realistic chance that Lewis will leave Mercedes unless there is a major fallout. And I can’t see that happening.
“Who would the major fallout be with? Even if it was with Toto, Lewis’ relationship with Mercedes’ parent company Daimler is much longer than Toto’s emergence as Team Principal of Mercedes.”
The 2023 F1 season will resume this weekend with the Dutch Grand Prix at Zandvoort, with Hamilton only a singular point behind ex-rival Fernando Alonso.
Hamilton has registered six top-four finishes in the past seven races since Mercedes introduced its revised W14 at the Monaco Grand Prix to reel in the Spaniard in the fight for third position in the Drivers’ standings.
He also scored his maiden pole position in this regulation cycle and first since the Saudi Arabian Grand Prix in December 2021 in Hungary – but he was powerless to hold off Max Verstappen’s Red Bull in the race.
Meanwhile, Mercedes retain a strong grasp on second place in the Constructors’ Championship, 51 points clear of Aston Martin.