The 35-year-old is already an MBE but will become the fourth F1 driver to be knighted after securing a record-equalling seventh world title.
The Mail report that Boris Johnson his intervened to see Hamilton knighted by putting him on the ‘Diplomatic and Overseas List’ which “recognises people who have given exceptional service to the UK abroad and internationally”.
In addition to claiming this season’s F1 title with a 124-point margin, Hamilton was also vocal in his campaign for greater diversity in the sport.
Hamilton will join fellow Britons Sir Stirling Moss and Sir Jackie Stewart, and Australia’s Sir Jack Brabham by accepting the prestigous honour.
Sir Frank Williams and Sir Patrick Head have also previously been knighted.
The Stevenage-born driver earlier in December won BBC Sports Personality of the Year for a second time.