Report: Formula One great Schumacher to retire

Updated: September 6, 2006, 11:33 PM ET news services

One of Formula One's all-time greats reportedly is ready to vacate his ride permanently.

Kreidler: New King
 Mark Kreidler
F1 is just like any other major sport: It's always better when there's somebody fans love, or hate. Michael Schumacher is that man in F1 racing. Now the sport will have to find a new king of the road.'s Mark Kreidler explains. Story

Michael Schumacher will announce his retirement at the Italian Grand Prix on Sunday, the German newspaper Bild reported.

The newspaper gave no source for its report.

The seven-time champion, who holds every major record in Formula One, had previously said he would announce a decision on his future at the race.

"We can't comment on everything. As we said, there will be more on Sunday," Schumacher spokeswoman Sabine Kehm told Bild.

Schumacher's contract with Ferrari expires at the end of this season. He trails defending F1 champion and current leader Fernando Alonso by 12 points in the standings with four races remaining.