Valentino Rossi says he and Yamaha are not yet ready to announce a new MotoGP deal, but that a two-year extension is a formality.
The seven-time MotoGP world champion declared after a disappointing 2013 season that he would re-evaluate his future once the opening part of this year's campaign was over.
But following a resurgent start to 2014, including five podium finishes in the first seven races, Rossi is second in the championship to runaway leader Marc Marquez.
Rossi made clear last month that he wanted to continue with Yamaha, but he said speculation that there would be an official announcement during this weekend's Dutch TT at Assen was wide of the mark.
"I'm very, very close to continuing with Yamaha for another two seasons," he said.
"That is my target and I think Yamaha agrees.
"Maybe [the announcement] will not be this weekend, but very, very soon.
"We are not ready but we are not so far away."
After being outperformed by team-mate Jorge Lorenzo for most of 2013, Rossi has been the top Yamaha in five of this year's seven rounds so far.
But he rubbished any suggestion that this was a sign that Yamaha was favouring him in its development path.
"This is not true, I don't agree with this," he said.
"Many times the comments [about the bike] from me and Jorge are the same. We both have the same things we want to improve.
"I've taken more advantage this year because last year I had more problems than Jorge.
"Yamaha is developing the bike in exactly the same way and it is good for both me and Lorenzo."