Hamilton had been second behind Bottas after the morning's opening session, but re-established his supremacy on a hot afternoon at the Circuit de Catalunya.
Talking about his future, Toto Wolff said: "I enjoy what I do... Many factors make me want to stay, but it takes its toll. There is no reason not to continue. We will find out in which role."
Formula 1 2020: Lewis Hamilton fastest ahead of Mercedes teammate Valtteri Bottas in 2nd practice at Spanish GP
Hamilton finished .287 ahead of teammate Bottas, who had been quicker than the championship leader earlier in first practice.
Formula 1 2020: Valtteri Bottas finishes fastest ahead of Mercedes teammate Lewis Hamilton at Spanish GP's first practice
Bottas clocked a best lap in one minute and 16.785 seconds to outpace the six-time champion by 0.039sec with last Sunday’s race victor Max Verstappen third for Red Bull, nine-tenths adrift of the fastest time.
Formula 1 2020: Lewis Hamilton says F1's proposed ban on ‘party mode’ an attempt to slow Mercedes down
World champion Hamilton however insisted the ban, as presented this week by the FIA, was unlikely to cause serious problems for champions Mercedes.
Formula 1 2020: Mercedes' Lewis Hamilton compares Pirelli tyres to balloons after blistering problems
Hamilton said he was glad to have survived the race without a puncture and to have found some pace to claim second at the finish.
Formula 1 2020: Max Verstappen claims season's first victory at 70th Anniversary Grand Prix in Silverstone
Verstappen owed his victory to a team decision to start the race on hard compound tyres while his main rivals all launched from the grid on ‘mediums’, the two Mercedes men struggling to manage tyre-wear throughout the race.
Formula 1 2020: ‘I wasn’t good enough,’ admits Lewis Hamilton after Valtteri Bottas grabs Silverstone pole
Hamilton qualified second to confirm a record-extending 67th front row lockout by Mercedes, but he was clearly frustrated at missing out on securing his eighth personal Silverstone pole.
Formula 1 2020: Valtteri Bottas seizes pole position for 70th Anniversary Grand Prix ahead of Lewis Hamilton
This is Valtteri Bottas' first pole since the opening race of the pandemic-delayed season in Austria, which he went on to win.
Formula 1 2020: Mercedes' Lewis Hamilton fastest ahead of 70th Anniversary Grand Prix qualifying at Silverstone
Lewis Hamilton holds a 30-point championship lead over teammate Bottas in his quest for a record-equaling seventh world title.
Formula 1 2020: Lewis Hamilton clocks fastest time during second practice for 70th Anniversary GP at Silverstone
Hamilton had been second behind Mercedes teammate Valtteri Bottas in the opening morning session at Silverstone, but was fastest in torrid heat and temperatures of 36 Celsius.
Lewis Hamilton is on course to match Michael Schumacher's record haul of seven world championships this season.
Bottas, who was runner-up to Hamilton last year, joined Mercedes in 2017 and has so far notched eight wins and 12 pole positions with the team.
Formula 1 2020, British GP: From Hamilton's dramatic win to Leclerc’s unexpected podium, talking points form race
Lewis Hamilton secured his 87th career victory At British GP despite a tyre failure on last lap but Valtteri Bottas and Carlos Sainz tumbled out of the points during closing laps due to similar issues.
Formula 1 2020: Lewis Hamilton romps to victory at British Grand Prix, closes in on Michael Schumacher's F1 record
Lewis Hamilton held on to win the British Grand Prix on Sunday despite a puncture on the last lap to clinch an 87th career win and move within four of Michael Schumacher's Formula One record.
Formula 1 2020: Lewis Hamilton grabs pole position at British GP qualifying ahead of teammate Valtteri Bottas
Hamilton needs five more wins to equal Michael Schumacher’s Formula One record of 91 GP wins. The defending champion is also odds-on to equal the F1 great's record of seven world titles.
Formula 1 2020: Lance Stroll quickest at 2nd British Grand Prix practice; Sebastian Vettel struggles
Lance Stroll's unexpected teammate Nico Hulkenberg was seventh after filling in at the last minute for Sergio Perez.
Hamilton heads into the British Grand Prix on Sunday as the favourite to win at his home circuit of Silverstone for a seventh time but for the first time without any fans there to cheer him on
Mercedes earlier changed its Formula One livery from silver to black for the 2020 season.
Talking about the upcoming race, Hamilton said: "British GP is the best, particularly because of the fans, the thousands that turn up and really create the spectacle. So it’s going to be super-weird. That is something I think I am still coming to terms with."