According to a report from German newspaper Die Tageszeitung, Michael Schumacher – already one of the richest athletes in the world – will earn a cool million Euros (that's $1.44M USD to us Yanks) for each race in which he's substituting for injured Ferrari factory driver Felipe Massa.

Schumacher stands to earn an extra million Euros for each race victory, which initially seems like an oversize bonus until you consider that wins have been in uncommonly short supply so far this year for the Italian race team. It's also expected that Ferrari will keep the German driver in his non-driving advisory role with an extension of his current five million Euro per year contract.

In related news, Schumacher won't be getting the chance to test the latest Ferrari F60 F1 chassis until the next scheduled practice session for the European Grand Prix. Ferrari had petitioned for an outside-the-rulebook exception to get Schumacher a bit of seat time in its current car but the request was reportedly denied by Williams, Red Bull and Toro Rosso. Suffice it to say that the Scuderia was not pleased.

[Source: Autocar, Ferrari | Image: BacardiLimited]