The 35-year-old joined the team in 2010 - formerly known as Team Sky - and expects to pen a new two-year-deal in what he realises could be his last in professional cycling. As a result, negotiations have taken longer than usual, especially after other teams expressed an interest in Thomas' services for next season.
"It's pretty much done but it's still not signed so I don't want to curse it," Thomas told BBC Sport Wales.
"It's hard. I've had to separate the emotional and the business side of things."
Thomas explained that while he has had a good relationship with Ineos team boss Dave Brailsford since 2003, each party has their own priorities, so finalising the contract has been tougher than before.
"I've known Dave since 2003 and that relationship is obviously a good one but he has his bosses and his agenda and there's me and what my family want. So it's been tough. It's been the worst contract to redo because there's been a lot going on but I'm happy that it's finally almost done.
"Once it's announced, we can move on and I can concentrate on getting fit and riding my bike."
Thomas signed his current deal in 2018 after he won the Tour de France, but he has failed to challenge for further Grand Tour titles due to injuries and crashes. The Welshman did manage to secure runner-up at the 2019 Tour de France though, and his only overall win since 2019 came at the 2021 Tour de Romandie.
While Thomas is preparing for retirement in the next few years, he still harbours ambition to race at the best level possible. Consequently, he realises that he needs to perform to his absolute maximum to enjoy the final stages of his career.
"In two or three years I'll be done then, which is a weird thought, so I really want to enjoy my last few years of racing," said Thomas. "And to enjoy it, I need to be at the front racing to win.
"With retirement, it's something I'm thinking about so it's not a shock. It's a big change, going from 17 or 18 years of having a big goal you're training for to suddenly waking up on a Monday morning and thinking 'What do I do now?'.
"It's something I'm thinking about but racing is still at the forefront of my mind."
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