But according to former F1 CEO Ecclestone, Schumacher should start pursuing an alternative career.
"He has to forget about this dream because sooner or later we all wake up from a dream," Ecclestone told RTL.
“He has to forget about that and start thinking about what the alternative is, and try to pursue that.”
The 92-year-old has urged Schumacher to quit Mercedes and instead join Red Bull because he believes team principal Christian Horner is the only person who can give Schumacher “what he needs”.
“He needs someone who will really want to make him succeed and look after him in general," Ecclestone continued. "That’s what he needs and that’s what he wasn’t getting where he was driving.
“The only team that could do for him what he really needs is Christian [Horner].”
Ecclestone’s comments will no doubt annoy Mercedes boss Toto Wolff, who recently told Blick he was “looking out for the little one” in giving Schumacher an opportunity at the Silver Arrows.
Wolff insisted Mercedes want to help Schumacher in his quest to regain a permanent F1 seat “whether it is in our team or letting him go somewhere else”.