Hamilton has enjoyed tremendous success since joining Mercedes in 2013, but his current deal runs out at the end of the year.
Speaking on the day that his team-mate Valtteri Bottas signed a one-year contract, Hamilton insisted he plans to stay and is not worried about the situation.
“I'm sure Toto's [Mercedes team principal Toto Wolff] probably getting a little bit anxious because I haven't been too forward with it - like 'let's get it done, now!," he told Sky Sports.
"I don't know, I'm just a very chilled individual. I think particularly in a time where people are losing their jobs, I generally honestly feel a little bit awkward with sitting down and talking about numbers and talking about a new contract when there are people out there who are not eating, there are people out there who are starving, there are people out there who have lost their jobs during this pandemic.
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"So, I don't know, I feel a little bit awkward with it, that's why I've kind of stepped back a little bit. But, of course, I will do at some stage. But it's awkward - I'm like 'how long can I leave it until it's maybe a little bit more normal, things maybe get a little bit better?'
"But I am absolutely 100 per cent committed to my team. I'm loyal as ever and I don't lie, so it's not like I'm communicating with someone else - I don't want to be anywhere else.”
Hamilton has won five of his six world titles with Mercedes and is aiming to equal Michael Schumacher’s record of seven championship wins this season.
He says he is not only enjoying himself on the track, but is also pleased with the work the team is doing off it.
"I love what we are doing in terms of our competitiveness and that journey, but also this new journey that everybody has embraced.
"You see the team taking a knee, you see the Formula E team embracing it too. I hope that we can be a beacon of light to hopefully other teams encouraging them that they could also be a part of this change and it's not about the competition, it's actually about change for the future."