The Silver Arrows have spent the last two years living in Red Bull’s shadow. And Hamilton, who turns 39 in January, is running out of time to secure the eighth Formula 1 world title he so desperately craves.

Mercedes will have to make huge strides in the next couple of years if they are to give the seven-time world champion the car he needs to take the fight to Verstappen. So “almost every component” will be changed on the W15 car that Hamilton will drive next year in a bid to dramatically close the performance gap.

And team principal Toto Wolff admits that he and his team are taking a massive risk. He said: “We are changing the concept. We are completely moving away from how we laid out the chassis, the weight distribution, the airflow.

“I mean, literally, there’s almost every component that’s being changed because only by doing that, I think we have a chance.” But he warned: “We could get it wrong also. So, between not gaining what we expect, catching up and making a big step and competing in the front, everything is possible.”

Mercedes have just 12 weeks before their latest creation hits the tarmac in pre-season testing. Asked if he believes his team can get the job done, Wolff admitted: “I have never in my life felt optimistic about anything.

“It may sound a bit miserable, but it’s protected me about managing my expectations and just pushing harder. Because I think it’s never good enough. That’s why I sit here with a bitter-sweet feeling. We won P2 [in the constructors’ championship], but we lost P1.

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“I think we need to take it on the chin, be humble about it and consider it a good day. Nevertheless, there’s a Mount Everest to climb in order to catch up with Red Bull. I have no doubt that McLaren is going to be right in the mix next year, and maybe Aston Martin and maybe others.

“We must leave no stone unturned, which we do in Brixworth and Brackley. And as tough as it is to be reminded that it’s just P2, it’s also a great, great opportunity to come back and strive for the stars.”

In a defiant social media message this week, Hamilton promised fans he will give everything he has to take the fight to Verstappen in 2024. He wrote: “We know there’s a lot of work to be done… I promise you, getting there will be exhilarating, and seasons like this will make it all the more satisfying when we do.”