According to the latest reports, Sebastian Vettel has rejected Ferrari’s one-year contract extension. The rumor mill reports that the 4 times World Champion is unhappy with the proposed contract and is seeking a better deal. Allegedly, Vettel wants a multi-year contract with a salary much higher than the Scuderia’s current offering as part of its new deal.

Sebastian Vettel turns down Ferrari deal

With his contract expiring at the end of 2020, Sebastian Vettel holds the key to the 2021 F1 driver market. As a result, the German driver’s decision regarding his future could play a major role in multiple driver transfers for the upcoming season. However, Ferrari has asserted that renewing Vettel’s contract was a priority for the team. Thus, there’s a high possibility the German driver ends up re-signing.

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Recently, rumors surfaced regarding details of Ferrari’s new contract for Vettel. Allegedly, the Scuderia is offering the 4 times World Champion a one-year extension with lower pay. As per his current deal, Sebastian Vettel earns upwards of 40 million Euros annually.

According to La Gazzetta Dello Sport, Ferrari’s new contract for Vettel is a single-year extension. Apparently, the one year deal comes with a salary of 12 million Euros. Furthermore, the publication reports that Vettel has rejected the renewal and is seeking a 2-year deal with a salary that matches his current earning with the Italian team.

What is the Scuderia’s next move?

Vettel recently disclosed that he prioritized happiness over money when it comes to signing a contract. Nevertheless, the 4 times World Champion will have a price in his head that Ferrari needs to consider.

Should Ferrari reject Vettel’s demands, they have a plethora of alternatives for the second seat. Renault’s Daniel Ricciardo and Mclaren’s Carlos Sainz are often cited as potential replacements, should Vettel choose to walk away from Ferrari.

Vettel hasn’t been performing at a peak level for the past few seasons. 2020 will mark Vettel’s sixth season as a Ferrari driver. Unfortunately, he is yet to capture a World Championship for the Italian team.  Despite not being in the best form, Vettel brings in a wealth of experience which is crucial to car development.

It will be interesting to see Ferrari’s next move. Will the Italian team cave in to the German’s demands or stand their ground and look elsewhere?