Michael Schumacher today rubbished claims that he had been asked by Ferrari to take a £5 million sterling pay-cut when his contract runs out at the end of 2004.
The team is reported to have told the five-time world champion they would be willing to pay him around £20 million to agree a new deal.
"I do not know anything about a pay-cut," Schumacher, who is supposed to earn another £35 millon-plus in sponsorship deals, said in Kuala Lumpur today ahead of Sunday's Malaysian Grand Prix.
The 34-year-old confirmed, however, he could sign on with Ferrari for several more years yet and would end his F1 days with the Italian team.
The German's long-time manager Willi Weber revealed last week that Ferrari had tabled an offer to retain the services of Schumacher, who ended their 21-year wait for the drivers' crown with his title triumph in 2000.
Schumacher, who has since gone on to complete the hat-trick and helped to Ferrari to four successive Constructors' titles, insisted he will know when the time is right to talk.
"I basically have the offer and it is down to my decision if I want to stay on," added Schumacher, who joined Ferrari in 1996 after winning successive titles with Benetton.
"I think that is the best compliment I can have from the team and that is what Willi has referred to. When it is time to sit together then we will do so, but for myself it is too early".