At the end of his initial three-year F1 comeback contract, the 43-year-old’s existing deal runs out this season.
There has been speculation Mercedes has offered him a new two-year contract for 2013 and 2014.
“There is no contract at the moment,” team boss Ross Brawn was quoted on Sunday by the Daily Star, “but we are open minded.”
Zetsche, the chairman of German marque Mercedes’ parent Daimler, agrees: “He is still the icon of motor racing.
“If his performance and his interest is still there, then a continuation would be an absolutely attractive possibility,” he told this week’s Sport Bild, to be published on Wednesday.
Schumacher has said there is no timetable for any talks, but Zetsche revealed: “We will get together during the season and see what the interest is on both sides.”
1980 world champion Alan Jones told GMM last week that, if he was running the Mercedes team, there are also purely financial reasons to re-sign Schumacher.
“If you pay him ten million then most likely he would bring in 20 million,” said the Australian, “because of who he is and what he has done in his career.”