The weekly Focus reported that Schumacher will drive a car in 2010 after having retired in 2006, with a track record of seven world championship titles and 91 Grand Prix victories.
The pilot, who turns 41 next January 3rd, still needs approval from doctors, according to Focus.
Despite persistent rumors of the lap Schumacher, both its setting and the team refused to confirm the information. The former press agent multichampion declined to comment on the possible move.
Schumacher's agent, Wili Weber, told the German news agency SID that the former pilot "no talk" with the directors of the Mercedes team.
For its part, the Internet edition of Bild newspaper said Schumacher was cleared to Norbert Haug and Ross Brawn, the owners of the Mercedes Formula 1 team, to return to competition.
Schumacher would have guaranteed that Haug and Brawn may discharge its current contract, which ties him to Ferrari as special adviser to the former pilot and recently renewed.
"The signing of the contract is only a formality." Schumacher is in great shape and in good health, the results of recent analysis are very good, " Bild said a source close to signing operation.
The return to competition Schumacher was about to be consummated this summer. Germany's former driver was among the possible replacements of Felipe Massa, the victim of a serious car accident while driving his Ferrari at the Hungarian Grand Prix of the 2009 season.