According to reports in the Italian press, Ferrari’s line up for the 2007 Formula One championship season, if Michael Schumacher decides to hang up his helmet, will be Finnish star Kimi Raikkonen and MotoGP champion, Valentino Rossi.

Rossi has just signed a one year extension on his Yamaha contract in the MotoGP championship but the young Italian has been testing for Ferrari at their private track, Fiorano, leading to strong speculation that he is being lined up for a future drive.

The La Repubblica is now stating that Rossi has signed a three year deal, taking him to 2010, and it will cost the Italian team 80 million Euro.

“In order to understand if I can indeed by competitive, I must also test on a more challenging track,” Rossi told the paper, revealing that he is planning another test and this time at another venue.

Meanwhile, the Bild is reporting that Kimi has been offered a huge payrise to stay with them long term, with McLaren offering the Finn a sum of 20 million Euro, making him the second highest paid driver on the grid.