Ferrari want Schumacher to stay till 2007

The Italian team are reportedly willing to offer the seven-time champion a one-year extension to his current contract, which runs out in 2006. More on F1

Formula One team Ferrari are reportedly willing to offer seven-time champion Michael Schumacher a one-year extension to his current contract, according to a report in a magazine.

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The 36-year-old Schumacher is contracted with Ferrari until 2006 but the Italian team are prepared to offer him another 12 months on his €30 million-a-year deal despite his troubles this season.

Schumacher trails Renault's Spanish sensation Fernando Alonso by 34 points in the championship race but Ferrari technical director Ross Brawn believes the German is determined to put things right.

"Michael is the only person who will decide when he wants to stop," Brawn told the magazine. "He is obssessed at solving problems and getting us back on the winning track."

Ferrari's bridgestone tyres have proved inconsistent this season and Brawn admitted the team had let Schumacher down.

"Michael (Schumacher) is not winning at the moment because we are not good enough," added Brawn.

Schumacher's chances of winning a sixth successive title are fading and the German driver must get back on track in Sunday's Grand Prix in Monaco.