Formula 1 gossip and rumours from international media

McLaren are ready to offer Lewis Hamilton a contract for life. He could become Britain's first billion-pound sportsman as he bids to dominate Formula 1 for the next decade. (News of the World)

McLaren team principal Martin Whitmarsh will stay on as chairman of team's umbrella group Fota following its first meeting of the year. Renault's Eric Boullier replaces Ferrari's Stefano Domenicali as vice-chairman, while Ferrari technical director Aldo Costa takes over from Mercedes's Ross Brawn as chairman of the technical group. Full story: Fota

Formula 1 teams are hoping to close in on a fresh cost-cutting deal to help secure the future of the sport during a meeting ahead of the Malaysian Grand Prix. Full story: Autosport

Hispania Racing retired both their cars from today's Malaysian Grand Prix "for safety reasons", according to the team's website. Narain Karthikeyan was told to stop due to high water temperatures, while Vitantonio Liuzzi had damage to his rear wing. Full story: Hispania Racing website

Formula 1 tyre supplier Pirelli have paid tribute to Nick Heidfeld for his podium finish in the Malaysian GP. The German was Pirelli's test driver last year when the Italian company started preparing for its F1 return after a break of 19 years. Full story: Pirelli

Sauber rookie Sergio Perez can probably claim the 2011 season's most bizarre retirement reason after his Malaysian GP exit. "Something came off Sebastien Buemi's car and hit the floor of my car," he said. "The fire extinguisher went off and the electrics cut out." Full story: espnf1.com

This story will be updated throughout the day