Michael Schumacher has hinted he might extend his three-year deal with Mercedes and continue in F1 beyond 2012.

Schumacher has struggled since opting to come out of retirement last year and thus far this season has only scored 14 points, his best result a sixth place at Barcelona's Circuit de Catalunya last month.

Despite that though, he has now suggested he could continue racing into 2013 in a bid to try and bag his eighth world title.

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"It took me five years at Ferrari before I won my first title and Red Bull has taken five years to get success, so why should we manage it in just over a year and a half?" he explained in Montreal, venue for this weekend's Canadian Grand Prix, round seven in the F1 2011 World Championship.

"We are not magicians. We are in the process of creating something great. And that's just not going to happen overnight. It will take a while until we will get to the front. But we will do it."

His comments echo those made prior to Monaco when he argued that 'nothing is missing' at Mercedes and that 'good things come to those who wait' [see separate story - click here].

Meanwhile in a separate and somewhat contradictory development, Schumacher allegedly told the Cologne Express that he will switch to an ambassadorial role at the end of 2012.

"I will fulfil my three-year contract and then become a brand ambassador for Mercedes," he told the 'paper.