Sir Lewis is the fourth F1 driver to be knighted, following in the footsteps of Sir Jack Brabham, Sir Stirling Moss and Sir Jackie Stewart.
After clinching his maiden title, the 24-year-old Dutchman earns the right to switch out his regular race number 33.
The Dutchman later remarked on how it felt to go toe-to-toe with a seven-time champion during this 22-race season.
Verstappen won his first ever world title after a safety car right at the end of the race saw him and Hamilton race wheel to wheel in the last lap.
Hamilton won a highly contentious race at the Jeddah Corniche Circuit, with Horner claiming Mercedes' "spicy engine" gave them an advantage.
Daniel Ricciardo and Max Verstappen shared a healthy rivalry when the former was a Red Bull driver earlier in his career.
As part of the agreement, improvements to the track and facilities will be made ahead of the Spanish Grand Prix scheduled for 2022.
Mattia Binotto also insisted that Binotto insisted that Ferrari's primary focus this season has always been on the crucial 2022 design.
The Australian clarified that an issue with McLaren’s data forced him to save fuel from the first lap and did not allow him to get any pace.
McLaren only scored two points, allowing Ferrari to maintain their third-place position in the constructors' championship.