The German legend suffered a severe brain injury in a skiing accident in December 2013, and was placed into a coma for six months.
He has since continued his recovery from home, with the family purchasing a home in Majorca three years ago.
And Todt, who was team principal at Ferrari during Schumacher’s reign of dominance in the 2000s, when he won five world titles, told RTL France that he is able to follow his son’s advancement in the sport.
He explained: “Of course he is still following him.
“Mick is probably going to race in Formula 1 next year which will be a great challenge. We would be delighted to have a new Schumacher at the highest level of motor racing.”
When asked if he could provide an update on the German’s condition, Todt said: “This is a question on which I am going to be extremely reserved.
“I see Michael very often – once or twice a month. My answer is the same all the time – he fights.
"He is very well cared for and in a place that is very comfortable. We can only wish for him and his family that things get better."
Throughout his recovery, Schumacher’s condition has been kept private by his family.
It was reported that he was due to have stem cell surgery earlier in the year to attempt to revive his nervous system, although it is unknown whether the surgery took place.
His son’s career has gone from strength to strength in recent years, with the 21-year-old securing the 2018 Formula 3 European title before advancing to Formula 2 for the following season.
Having signed with Prema Racing, he took his debut victory in the series at the sprint race in Hungary, finishing in 12th position in the standings.
Schumacher is currently on course to win this season’s Drivers’ Championship, heading into the final two rounds in Bahrain with a 22-point advantage, having won two races and secured a further eight podiums.
He was due to make his F1 debut in free practice for Alfa Romeo at the Eifel Grand Prix in October, but wet weather prevented any running during that session.
The German is rumoured to be under consideration to join Haas for next season, with the American team’s current drivers Romain Grosjean and Kevin Magnussen set to leave at the end of the current campaign.
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