Motorsport legend and 7-time F1 world champion Michael Schumacher has reportedly agreed to a 3.5 million Euro deal to drive for Mercedes GP in the 2010 Formula 1 season, if reports in the German media are to be believed.

German daily, Bild and news magazine Focus quote an unnamed source close to Schumacher who has revealed that a one-year verbal contract has been agreed between Schumi and Mercedes. The source also claims that Schumi is in talks with Ferrari to relieve him from his consultancy roles. Ferrari announced earlier this year that they would only have Schumacher as a technical consultant for the development of its road cars and that his advisory role for their F1 team has ended.

Schumacher is awaiting the final green signal from his doctors before the deal is signed. “The signature is just a formality,” said the source. “Schumacher feels fit and healthy. The latest [medical] tests were entirely positive. He can’t wait for the return and working with Ross Brawn again.” The deal would bring back the highly successful Brawn-Michael partnership.

Once the official procedures with Ferrari are over, Schumacher would not only drive for Mercedes, but is also expected to become a long-term brand ambassador for the German brand. This would prove to be a huge loss to Ferrari and an even bigger gain for Mercedes. The 458 Italia is the last car to be ever fine-tuned by Michael Schumacher for Ferrari and that will make it an even sweeter car.

When asked about his potential comeback at a karting event yesterday, Schumacher declined to comment. “I’m sorry, I don’t want to say anything,” he said. “I’m here for the karts and just want to have fun.”

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