Toto Wolff and Lewis Hamilton have denied they are arguing about the monetary value of the six-time world champion's next Mercedes contract.

In Austria, Hamilton slammed suggestions he is demanding a pay-rise, amid reports his boss Wolff is only willing to offer half of the desired $50m per year.

"The media keep writing about my contract and making demands, but I haven't even spoken with Toto about it yet," Hamilton insisted on social media.

"No demands. The conversation hasn't even begun. So please stop making s**t up."

Wolff also denied he is arguing with Hamilton about money.

"We didn't have a single conversation about money," he told German media.

"Lewis is aware of the tense situation in the auto industry. And we know his class. We will get to a reasonable result," Wolff added.

Grand Prix Drivers' Association director Romain Grosjean revealed in Austria that the issuing of capping driver salaries was raised in a meeting on Friday.

"I do think it's unacceptable that Lewis Hamilton earns more than $40 million while some drivers earn $150,000 a year for the same job," he said.