The 35-year-old was recently placed on the ‘Diplomatic and Overseas List’ by British Prime Minister Boris Johnson to enable him to bypass tax concerns, Daily Mail reports.
This was after the move to have him knighted was criticized by some who accused him of living in tax exile in Monaco.
Hamilton who is already an MBE will become the fourth F1 driver to be knighted after Sir Jack Brabham, Sir Stirling Moss and Sir Jackie Stewart.
The seven-time F1 champion recently won the BBC Sports Personality of the Year for a second time.
Hamilton has been vocal in the push for diversity in sport and has not hidden his support for the Black Lives Movement.
He recently told BBC Radio 4: “There is no way that I could stay silent. And once I said that to myself, I didn’t hold any fear.
“We can’t let this movement die a quiet death. We have got to keep it alive but I think the curriculums need to shift finally. And my nieces and nephews, I want them to learn about both of their sides.”
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