Schumacher and Ferrari to discuss contract extension over summer

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Seeing how Michael Schumacher's current contract with Ferrari expires this summer, the two parties are set to discuss the future of their partnership this upcoming summer. The team advisor position has been running nearly two years now since the seven time world champion retired in late 2006.

Schumacher's manager, Willi Webber told Germany's 'Bild', "We are in no hurry. We'll get something put together during the summer."

His salary from Ferrari is estimated to be around 5 million Euro.