Mercedes team principal Toto Wolff has described the teams, two drivers, as the "perfect line-up". Lewis Hamilton and Valtteri Bottas both performed strongly in 2019, finishing first and second respectively.
Wolff, Hamilton and Bottas contracts all expire at the end of 2020 despite the recent success for the Silver Arrows.
The world champion Hamilton has been linked with a move away to Ferrari and is now just one title behind equaling the record set by F1 great Michael Schumacher.
"Whilst managing drivers you have to embrace the fact that they will pursue their dreams, and their main target is going to win the drivers' world championship," Wolff told Mercedes.
"That can create some tension because not always these objectives are aligned to the team objectives.
"What I'm really proud of is that over all these years, we have always managed to get the drivers behind the team's objective and behind Mercedes' target to be one of the most successful sports teams in the world."