Schumacher's spokeswoman Sabine Kehm dismissed the report as "pure speculation".
The newspaper reported that Ferrari had offered the seven times champion an annual salary of 35 million euros, which it said was identical to the conditions of his current deal.
"The best part of it is that it doesn't tie Schumacher unconditionally for two more years," Bild said. "He could, if he wanted to, get out of it without any problem sooner.
"He could opt out after the 2007 season - or even after the current season - because the new 70-million euro contract has a 'world champion clause'. If he had the title in his pocket he could quit the next day, if he wanted to."
Schumacher took his 85th career win at Imola on Sunday and moved into second place overall in the driver's standings, 15 points behind Renault's world champion Fernando Alonso.
Bild suggested Schumacher could even announce his decision to stay another two years at that race, near his hometown of Kerpen.
Although the 37-year-old has yet to decide whether to continue racing after the end of the season, he has said he sees no reason to stop if he is still enjoying himself.