Schumi set to carry on? - 10th April 19:13pm GMT

Michael Schumacher is set to extend his Ferrari contract for a further year, at least that's according to a 'high ranking' member of the team.

According to Germany's Welt am Sonntag, the source claimed that Schumacher, who's current deal expires at the end of this year, "will continue" racing for the Italian outfit in 2007 as both the German and Ferrari are keen to extend his contract for one more season.

The unnamed source added: "It appears that no one has realised that (Michael) can't imagine a life without racing.

"He wants to race and he will race."

And although the Ferrari team member went on to say that Schumacher is tired of all the speculation surrounding his future, he revealed that no official announcement will be made until mid-season.

Meanwhile, the man who dethroned Schumacher last year, Fernando Alonso, is betting on Schumacher continuing with Ferrari next season.

"I don't see him ready to retire," Alonso told Gazzetta dello Sport newspaper.

"(Michael) is highly consistent and I think equally motivated - it (his motivation) is no less (than it used to be)."

"I think he'll carry on."