Current Williams driver Russell is in contention to join Mercedes for next year as Lewis Hamilton's teammate, having been part of the team's junior programme since 2017.
Mercedes has said that it will decide between Russell and current driver Valtteri Bottas at some point over the summer, with both drivers' existing contracts due to expire at the end of the season.
But Russell has revealed that no news will arrive about his future at his home grand prix at Silverstone, denying that he has already secured a deal with Mercedes for 2022.
In the latest episode of the F1 Nation podcast, Russell was asked if he had signed for Mercedes and replied: "I signed with Mercedes five or six years ago now. That is 100% true. As everybody knows, they look after me.
"But with regards to my drive for next year, nothing has been signed or sealed, and nothing will be announced in Silverstone. So I can let you know that."
While Russell has failed to score any points for Williams since joining at the start of 2019, his performances for the team amid its struggles at the back of the grid have won him praise throughout the paddock.
Russell got a taste of what life with Mercedes could be like when he made a one-off appearance for the team at the Sakhir Grand Prix last year, stepping in after Hamilton tested positive for COVID-19.
Russell qualified second and dominated the early part of the race before a pit stop slip-up and a puncture cost him a likely victory, leaving him ninth at the chequered flag.
In recent races, Russell has come close to scoring Williams' first points since the 2019 German Grand Prix, finishing 11th in Austria last time out.
Williams has enjoyed a steady upswing in performance since reaching its nadir two years ago, with Russell believing that the future of the team is "incredibly exciting" under its new ownership and with the overhauled regulations arriving in 2022.
"Obviously the team have finished last for the past three years in a row, [but] I'm pretty confident that will not be the case next year," Russell said.
"Things are really making a turn for the better. Things are really getting in line and in place. Jost [Capito] is doing a fantastic job building that structure for everybody to be more efficient, more streamlined, and every single decision that has been made so far I think has been a good one for the right reasons.
"I see no reason why over the course of the next couple of years that Williams can't fight their way back to the front.
"That might sound silly or stupid now, but you've only got to look back at 2013 when Valtteri and [Pastor] Maldonado were in the car. They finished ninth or 10th in the constructors, and came out the following year and finished third, podiums at most races, pole positions.
"This sport can change in a heartbeat when you've got this big regulation change. Fingers crossed for Williams it changes for the better."