May 14 (GMM) Hot on the heels of news that Lewis Hamilton is discussing a $20m deal with Reebok, it has emerged that the McLaren driver is in talks about yet another lucrative personal endorsement agreement.

The British newspaper The Times reports that Hamilton's talks with PepsiCo, the American drinks company, could mean that the 23-year-old takes over from David Beckham as the highest earning British sportsman.

The newspaper said the Pepsi deal "could be worth the same as the Reebok contract, or substantially more".

A McLaren spokesperson, meanwhile, confirmed the existence of Hamilton's Reebok talks, despite the British team's usual reluctance to allow its drivers to negotiate personal sponsorships.

"Any marketing activity undertaken by Lewis on behalf of Reebok will be fully consistent with his existing obligations to McLaren, and will run in complete cooperation with Lewis's primary marketing commitments to the team and its partners," the spokesperson said.