F1 team 'set to announce MEGA signing' in major Red Bull challenge

Ferrari have already signed Lewis Hamilton for 2025, and now they are hoping another deal will close the distance between themselves and Red Bull.

The team have won the constructors' title a record 16 times, but not since 2008, a fact that they hope will change through the signing of seven-time champion Hamilton.

READ MORE: Hamilton form raises Ferrari F1 move fears

Red Bull have taken that particular crown for the last two seasons, with Max Verstappen winning the drivers' equivalent in each of the last three seasons.

The Scuderia are hoping that the signing of seven-time champion Hamilton from Mercedes in 2025 will change their fortunes, and now they are set to announce another deal, according to a report from Sport Business.

How much will Ferrari's HP deal be worth?

Ferrari will reportedly team up with Hewlett Packard as their new title sponsor, with the American technology company supposedly paying the Maranello-based team similar to that of Red Bull's deal with Oracle.

That particular deal is the most lucrative of its kind in F1, with it being worth $500 million over the duration of its five-season cycle.

Driver salaries do not count against F1's cost cap, meaning teams are allowed to spend an unlimited amount on their stars, and Hamilton's mega-money move to Ferrari may be evidence of the spending power that Ferrari have.

However, with the injection of cash reportedly being significant, it will be a welcome sponsorship deal for the most successful team on the F1 grid.

READ MORE: Angela Cullen sends out love to new partner after moving on from Hamilton

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