Seven-time Formula One world champion MICHAEL SCHUMACHER will retire at the end of the current season. The 37-year-old German, who won yesterday's (10SEP06) Italian Grand Prix to stay in contention for this year's title, has cemented his place in motor racing folklore with a record 90 career Formula One wins. A statement issued by his Ferrari team yesterday reads, "Michael Schumacher will retire from race driving at the end of the 2006 world championship." Schumacher said at a press conference following his victory, "There has been a lot of discussion for a long time about my decision to retire. "You have to find the moment, and we feel this is the right moment. It's going to be my last Monza race. I have decided with the team that I'm going to retire from racing." Ferrari president LUCA DI MONTEZMOLO added, "I feel a sense of sadness. We have lived through some unforgettable times together, some good, some bad, achieving results that will be hard to equal. "To Michael goes the thanks of everyone in the company and the supporters of Ferrari for all the dedication he has shown to our colours, for the determination and the courage with which he has worked which has provided immense satisfaction." Schumacher is set to be replaced at Ferrari by Finn KIMI RAIKKONEN once the final three races of the season are completed.