Report: Formula One great Schumacher to retire

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

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.