Speaking to reporters, di Montezemelo is quoted as saying by Reuters that he 'has news' but declined to give further details to reporters.
"I have news and unfortunately it is not good," he said.
Schumcher seriously injured in a skiing accident in the French Alps in December 2013. After several months in hospital, he has been continuing his rehabilitation at home in Switzerland, though his exact condition has never been officially communicated as the family seek to retain his privacy.
"Life is strange,” di Montezemelo also said. “He was a fantastic driver and only had one accident with Ferrari, in 1999.”
It is not clear what has prompted di Montezemolo – who worked closely with Schumacher during his time in Ferrari – to pass comment on his condition now. He was speaking to a selection of journalists at an event to mark the anniversary of an Italian motoring publication.
Schumacher's manager, Sabine Kehm, declined to give comment at this time when contacted by Sky Sports..
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