The F2002 model, driven by Formula 1 icon Michael Schumacher during his 2002 title-winning season, is set to be put up for auction later this year and could fetch up to £6,000,000.

The auction is set to take place in Abu Dhabi, with many Formula 1 fanatics, with deep pockets might we add, desperate to get their hands on the precious piece of memorabilia.

Sotherby’s will be hosting the auction and a portion of the money received will be donated to the Keep Fighting Foundation, which was founded by Schumacher’s family.

On their website, Sotherby’s wrote: "The 2002 Ferrari F2002, chassis no. 219, was a pivotal piece of machinery in the 2002 Formula 1® season, which quickly became a race for second place as the legendary Michael Schumacher finished 1st or 2nd in every race.

"Chassis no. 219 saw victory in the hands of Schumacher at three Grands Prix in 2002, including at Imola, Zeltweg, and Magny Cours, the last of which would secure Schumacher his 5th World Drivers’ Championship title; with six races remaining in the season it remains the shortest time in which a World Drivers Title has ever been clinched.

"Ferrari also secured the Constructors’ Championship title that year, with the F2002 seeing further podium finishes including 2nd with Schumacher at Monaco, and 2nd at Spa and 4th at Hockenheim with teammate Rubens Barrichello, who finished as runner up in the Drivers’ Championship.

"Chassis no. 219 was used as a test car in the remainder of the 2002 races and retired following the season. It has since been held in significant private collections across multiple continents.

"Considered one of the most significant and most dominant Formula 1 cars, the F2002 is representative of Ferrari and Schumacher’s golden era as reigning champions."

Amongst Formula 1 fans, Schumacher is considered synonymous with the F2002 in what was a truly incredible season for the German.

Schumacher guaranteed himself a spot on the podium in every race that season, with the Ferrari driver occupying the top spot on 11 separate occasions.

As mentioned previously, this Ferrari masterpiece acts as somewhat of a collector’s item to fans across the world – especially due to the fact that it was driven by possibly one of the greatest ever drivers to grace a Formula 1 track.

In addition to this, with this car going up for auction, it also provides some much-needed funds for the Keep Fighting Foundation.

The racing legend suffered life-changing injuries following a skiing accident where he collided with a piece of rock. Since 2016, his manager has refused to comment regarding the former Ferrari drivers’ condition.