Speculation resurfaced over the weekend that Ferrari has targeted Juan Pablo Montoya as Michael Schumacher's replacement in the team, should the five-time world champion retire at the end of 2004.

According to a story printed in the Italian newspaper Gazzetta dello Sport, Ferrari has yet to secure a signature on a contract extension with Schumacher, whose deal expires at the end of next year, and the Italian team is considering alternative options.

Montoya, who scored his second grand prix victory at Monaco last weekend, denied the stories. “Someone told me to look at the Gazzetta dello Sport and see what's in it," he said. "I had a look and I couldn't believe it. There's no talk for the moment, to be honest, there is nothing."

It is not the first time that Montoya has been linked with Ferrari, but any such arrangement hinges on Schumacher's future plans. Ferrari president Luca di Montezemolo suggested recently that the German could drive for the team for as long as he wanted to, while the world champion himself said that he has no plans to retire and is happy at Ferrari.

It is unlikely that Schumacher would wish to leave a team whose structure he played a large part in rebuilding and inconceivable that Montoya would settle for a subservient role as number two alongside Schumacher at Ferrari.