Hamilton and Mercedes signed an agreement for the 2024 and 2025 seasons, that will extend his stay at Brackley, where he won six of his seven world titles, to 13 years.
Hamilton previously hinted at being happy to stay in F1 for a number of years, but in the end both parties only settled on a fresh two-year-deal.
According to Wolff, the shorter-term deal gives both parties flexibility for the future, with no need for complicated exit clauses.
As F1 heads to a crunch 2026 rules shift, that means Hamilton can first assess just how competitive he thinks Mercedes will be with its new car and power unit before committing to the team for another term.
"This is a dynamic environment and signing a five-year contract means that you need to discuss about [if] there is any escape clause in case we're not providing him with a car that is performing," Wolff told Sky Sports F1.
"So, we didn't entertain that. We said we see the foreseeable future is two years. And that's what we are committing to each other."
Source: Autosport