Michael Schumacher’s iconic Ferrari is set to be sold at auction and could fetch a price of over £11million, according to a report.

Schumacher, now 55, is one of the most successful Formula One drivers of all-time, winning seven world championships in his career – the most-ever alongside Lewis Hamilton.

Five of those titles came with Ferrari – the team he is most-commonly associated with – between 2000 and 2004, while he also raced for the likes of Jordan and Mercedes.

He is now out of the limelight, living a private life with his family after suffering a life-changing skiing accident in 2013, having fallen and his head hitting a rock, causing a serious injury.

Now, the car he drove in his final year with Ferrari, which was in 2006, is up for sale and could reach a price of eight figures, according to The Mirror.

Bidding is reportedly set to get underway on November 14, with some of the top collectors thought to be interested in purchasing the vehicle.

Schumacher won five races in his final year with Ferrari while driving the car, which is a 2006 Ferrari 248 F1 car.

He also surpassed Ayrton Senna’s record for the most pole positions in Formula One that year. He has 68 to his name, while Lewis Hamilton has since gone past that number and has 104.

Schumacher also held the record for the number of wins with 91, but Hamilton now has 105 to his name.

Sotheby’s advertisement of the car, ahead of auction, details: ‘Since its sale by Maranello this hugely significant Ferrari has remained in single ownership within one of the world’s greatest collections, possessed by one of the most sophisticated enthusiasts, who has prized it for its power.

‘In power, in design, in provenance, it is a breathtaking full-course meal of desirability, now set before the world’s most astute connoisseurs.’

Shelby Myers, Head of Private Sales at Sotheby’s, told Motor Sports News Wire: ‘In the world of motorsport, Michael Schumacher ‘s name is accurately used to define the pinnacle of racing, synonymous with greatness, which we often hear referenced.

‘There are, however, cars that Schumacher drove and perhaps won a race or two in, and then there are the few cars that truly define his legacy, such as chassis 254. When we peel back the layers, very rarely does a Schumacher-era car carry as much weight as this one.

‘Perhaps the single most important defining characteristic among these elite competition cars is heir racing record. Chassis 254 is at the very top of the pyramid. Never before has anything carrying the Schumacher name come to public sale with more wins or podium finishes. In fact, there is only one other chassis with more wins than chassis 254.

‘In his last season with Ferrari, this car defined the legacy of perhaps the greatest driver in history, competing with one of the most storied automotive brands of all time. It truly does not get better.’