But Jordan is convinced the talks are now reaching a conclusion.
"I believe Lewis will be signed within a week. I cannot see it going into February," he told PA Media.
"Where do Mercedes go after Lewis? Of course, they can have the pick of the crop, but that is not the way Toto operates.
"He has increased his shareholding over the winter, brought in INEOS as a one-third shareholder, and he doesn't want to be walking up and down the paddock with somebody new that he has to think about.
"He wants to be there with the man of the moment, he wants to be there with the king of all kings in Formula One and that is Lewis Hamilton."
Jordan believes Mercedes should dip into its remarkable share of TV income to help pay Hamilton the salary, and clause payments, he is understood to be demanding.
Accounts for 2019 that were revealed in September last year showed the team received a 23.6 per cent share of F1's TV coverage, generating a cumulative advertising value equivalent to nearly £4billion for its commercial partners.
Jordan believes 'brand Hamilton' played a major role in such figures and he should be appropriately compensated.
"The TV rights that Mercedes are getting as a result of winning the drivers' and the constructors' championship, surely some of that should go to Lewis?" reflected the 72-year-old.
"He has been a hugely important part of the success and the reward they are getting. Who is the first person the TV people want to speak to first? Lewis. Do Lewis' comments get repeated much more than anyone else? Of course they do.
"If you look at LeBron James and Tiger Woods, they went to the organisers of their respective sports and said that we bring more credibility and support because of who we are and you need to compensate us. So pay Lewis an amount of money that the team are getting. I cannot see how he is not entitled to that.
"Some might say he is already being overpaid, and maybe so, but we all said that nobody would ever come close to Michael Schumacher's record and now you have a driver who has the potential to beat him by becoming an eight-time world champion. And make no mistake, Lewis is getting better."
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