Albon was the shock replacement for Pierre Gasly at Red Bull after the Frenchman's poor form prompted a mid-season switch and the British-born Thai driver has impressed so far, finishing in the top six in all six of his races so far and outscoring highly vaunted teammate Max Verstappen by 19 points across those events.
Christian Horner has said the seat is Albon's to lose, with confirmation expected to come soon.
Albon diced it with Hamilton in the Mexican Grand Prix after avoiding early skirmishes between the Mercedes and Verstappen to run third, holding off Hamilton until he pitted and was committed to a two-stop strategy that took him out of podium contention.
The five-time, and soon to be six-time world champion paid tribute to Albon's ability to handle the pressure of his mid-season promotion and hopes Red Bull hold back on their cut-throat nature with the 23-year-old.
Hamilton said: "He was driving really well, not making any, or too many mistakes. I think this year has been… it's a real challenge to go up against a driver [Verstappen] that's been spoken so highly of by so many people and built up onto a pedestal.
"And to come in so young, and with all the difficulties he's had in his life as well – his life story is quite an interesting one – against all adversity. It was quite cool to just sit and view him for a second.
"He pitted very early, I'm not quite exactly sure why but they obviously then went onto the two-stop strategy and I didn't really see him again after that.
"But he's got a bright future ahead of him. I hope Red Bull give him the support over the years.
"It's very, very important because they often spit drivers out pretty quick if they don't always do the job. I hope they're good to him."
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