World champion Michael Schumacher is likely to decide before the Italian Grand Prix in September whether he will continue driving after 2004, his manager Willi Weber said on Tuesday.

"Maybe it will be by Monza or maybe later. But not much later," Weber told Reuters.

"If he continues after 2004 it will be with Ferrari, that's for sure."

Schumacher, 34, is chasing a record sixth world title this year and has a contract with Ferrari until the end of 2004.

The most successful driver in the team's illustrious history, Schumacher said in March that he had a standing offer to stay on and had set no time frame for a decision.

Weber, who has guided Schumacher's career since his go-karting days in Kerpen, said the German would certainly respect his current deal.

"He's under contract for next year, so nothing happens. We are talking about after 2004.

"I think the team will also want to know what the situation is," said Weber. "I believe he will say this year whether he continues driving or not.

"We haven't spoken yet about the situation because we are working for the races and the championship and there has not been a lot of time to speak about it," he said.

Schumacher has two young children and is one of the wealthiest sportsmen in the world -- earning $50 million a year according to some estimates.

He is four points adrift of McLaren's Finn Kimi Raikkonen in the championship after seven races. He finished third in Sunday's Monaco Grand Prix.

The German, who won the title with six races to spare in 2002, has won three times this year and has said he will continue for as long he is having fun in Formula One.