The German is still receiving intensive treatment far from the public eye at his home in Switzerland following severe head injuries that he suffered in a skiing accident in France in December 2013.
"I have news and unfortunately it is not good," Montezemolo told reporters without giving any further details.
"Life is strange. He was a fantastic driver and only had one accident with Ferrari in 1999", the former Ferrari chairman said.
Schumacher's long-time manager Sabine Kehm, who has been steadfast in refusing to comment on rumours or speculation about the 47-year-old's condition, had nothing to say when contacted by Reuters.
(Reporting by Stefano Rebaudo/Alan Baldwin, Writing by Crispian Balmer; Editing by Toby Chopra/Toby Davis)
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