"We've had very good discussions, ticking the dots and are expecting to come up with some news soon", Wolff said at Silverstone at the launch of Mercedes' new W09 vehicle.
New for the 2018 season, the Halo Cockpit Protection System is mandatory for all cars to improve cockpit safety in the sport.
"If you would have asked us the question this time past year we would have sad Red Bull and it was Ferrari", said Wolff.
"I think that the team have done a good job to integrate it (the Halo) and make it look as nice as they can. You can look at solutions but we have in the last years tried to stay true to our design philosophy and continue to develop".
Reigning world champions, Mercedes-AMG Petronas have finally revealed their 2018 Formula 1 contender at the Silverstone circuit.
Formula One champions Mercedes launched their 2018 auto on Thursday with team boss Toto Wolff hoping it proved less temperamental than the last one and admitting he would like to attack it with a chainsaw. So we're comfortable and we're committed to each other.
Mercedes have won four drivers' and constructors' championships in a row, including the title Nico Rosberg won in 2016before retiring.
"Ferrari is very strong, Red Bull is very strong. I'm fit and ready to take [the new car] where it needs to go".
"The real focus for me is performing at my best. Consistency was awesome last year so if I can take one of the ingredients of last year and add a couple of spices in this year I think I can have a better year". "This one is strong enough to grab it and get out of the auto".
"It's very unsafe before the season has started to reduce the number of potential competitors".
"Hopefully we will have something done by the first race but we are in no rush".
With McLaren due to unveil their vehicle on Friday, only Toro Rosso will be left to launch their 2018 edition, with fans slowly getting to grips about the new Halo design that runs above the drivers' cockpit.
"I hope the cars don't get much heavier than they are, but next year a seat and a driver can be 80kgs, so I can be a bodybuilder basically, and get the beach look I want!"