The 32-year-old whiz kid clinched his latest title at the Mexican Grand Prix on Sunday, October 29, to become the UK's most successful racing driver of all time.
In securing his fourth championship, Hamilton moved one clear of Sir Jackie Stewart, who won three titles, clinching his last on the Monza circuit in Italy in 1973.
Nicknamed the Flying Scot, Stewart retired and was later knighted in 2001 but, more recently, the trend has been established for successful British athletes to receive the honor while still competing.
Wimbledon tennis champion Andy Murray and running star Mo Farah were both knighted in the 2017 New Year Honors' List.
Until now, Hamilton has only been awarded an MBE in 2009 but has now hinted he would welcome further recognition following his latest triumph.
"I have missed the Queen since I had lunch with her when she invited me to the Palace. I have always wanted to go back, and that would be the greatest honor. I have been trying to represent England the best way I can and if that is at some stage recognized by the Queen I would be incredibly honored," Hamilton said.
The multi-millionaire F1 star joked that he would even enforce the knighthood on his fans:
"Friends, everyone. It is such an honor. I have friends who are Sirs and I call them Sir. It's unique, why not enjoy it?"
The Briton racing legend won his first championship with McLaren in 2008, before moving to Mercedes where he has triumphed in 2014, 2015 and now, 2017 despite finishing ninth in Mexico, having clashed with his rival Ferrai's Sebastian Vettel.
Leading the knighthood campaign is another Formula One world champion, Nigel Mansell.
The fellow Brit insists Hamilton's achievements deserve to be properly recognized.
"I think he deserves everything he gets. Lewis, for me, is a breath of fresh air. He crosses so many boundaries, he's a nice lad and he's misunderstood at times. I think he should be revered in every way he can be. Lewis is one of the greats. I forecast it a few years ago, that I think Lewis can beat all the records, he's that good. He can be the best of the best of the best. I think he can go on to win eight world titles," Mansell said.