"My decision can take time and wait until the end of the year," said the 37-year-old. "Ferrari are ready to wait."

Schumacher had hinted that he would make a decision on his future mid-season after a 2005 campaign which had seen him win only one race.

But 2006 has seen a turnaround in his fortunes with wins at San Marino and in the European Grand Prix putting him into second place in the championship behind reigning world champion Fernando Alonso.

Schumacher has been with Ferrari since 1996, winning five of his seven world titles with the Italian team.