The Brit, who reached a record-equalling seventh Drivers’ Championship with the F1 team last year, has signed on for another year with the manufacturer worth £40m.
It comes after weeks of negotiations between the 36-year-old and Toto Wolff, coming weeks before the start of the season in Bahrain.
One of the trump cards the German manufacturers could have used was Russell, who was touted as a replacement for Hamilton.
But Motorsport have reported that Mercedes have already made a decision about the youngster.
One of the big clauses speculated in Hamilton’s contract was the “[Max] Verstappen clause”, which would allow the seven-time champion to have a say on his 2022 team-mate.
The report, though, states that this is “pre invention”, with the Brit having “no power” to demand his racing partner.
And Mercedes’ comments on the board made their decision clear on their next driver, with: “His name is George Russell and not Max Verstappen.”
The 22-year-old is about to enter his third year of racing in F1, spending all of them with the Williams team.
While his first campaign ended bottom of the pile, he has been praise as one of the best emerging talents in the sport following championship wins in Formula 2 and the GP3 Series.
He has already been in Hamilton’s seat, having replaced him at the Sakhir Grand Prix in December following the champion’s positive Covid-19 test.
And he has an admirer in Wolff, who brought up Russell’s name during comments on the 36-year-old’s new deal.
He said last month: “We never played the George Russell card.
“He did incredibly well and will one day be in a top car, but our long-standing partnership is not at all about making any threatening gestures.”
And Hamilton himself has heaped praise on the 22-year-old, sending him a message before signing the £40m deal with Mercedes.
But Russell has been getting away from the stresses of F1 contracts by jetting off for a beach holiday with gorgeous girlfriend Carmen Montero Mundt.