Lewis Hamilton will realise a long-held dream after Michael Schumacher's shock announcement he is to come out of retirement.

At the age of 40, the seven-times world champion is to drive for Ferrari at next month's European Grand Prix in Valencia in the absence of the injured Felipe Massa.

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Schumacher has not driven competitively since the season-ending Brazilian Grand Prix in October 2006, the last of his 249 races, which had seemingly brought to an end his 16-year career at the peak of motor sport.

But with Massa sustaining a fractured skull during qualifying on Saturday for the Hungarian Grand Prix that required life-saving surgery, Schumacher has answered Ferrari's call to arms.

World champion Hamilton will be one driver particularly delighted to see Schumacher return as it was one of his greatest regrets he never raced against the German legend.

The 24-year-old was handed his first F1 contract just over a month after Schumacher had hung up his racing gloves.

Speaking in his autobiography, My Story, Hamilton remarked: "I was asked which former driver I would most like to race against, and I went for Michael Schumacher.

"I got a laugh by saying I was disappointed that he had bailed out the year I got to Formula One.

"Of course, I was joking, but there was a little bit of truth in it.

"I have already said I do not agree with some of his controversial moves, but as a competitor there was nobody better, and I would have loved to have raced against him."

Schumacher, though, will first have to undergo a rigorous training programme as he is understood to still be recovering from neck and back injuries sustained in a motorbike test in Spain in February.

Ferrari have confirmed Schumacher, who is currently a highly-paid advisor to the team, will partake in a specific training programme to get himself prepared for the race around Valencia's streets.

Schumacher, who won five of his titles with Ferrari, 91 races overall and was 68 times on pole, is only too happy to come to his team's aid in their hour of need.

Schumacher said: "The most important thing first: thank God, all news concerning Felipe is positive, and I wish him all the best again.

"This afternoon I met with (team principal) Stefano Domenicali and (president) Luca di Montezemolo and together we decided that I will prepare myself to take the place of Felipe.

"Though it is true the Formula One chapter has been closed for me for some time, it is also true that for loyalty reasons to the team I cannot ignore this unfortunate situation.

"But as the competitor I am, I also very much look forward to facing this challenge."

Ferrari confirmed earlier today Massa was now out of intensive care, meaning he is off the critical list, that he was talking coherently - in Portuguese, Italian and English - and also walking.

Massa's rapid improvement since undergoing surgery prompted doctors at the AEK military hospital to move the Brazilian to his own private room.

Ferrari spokesperson Luca Colajanni told Press Association Sport: "The most important situation is that Felipe is out of intensive care.

"He is speaking more or less normally, and he has managed his first few steps, so from a clinical point of view, everything is going in the right direction.

"There are no issues for the time being, and although we are still cautious, he is getting better and better. The situation is improving all the time.

"There was some suggestion he would leave the hospital soon, but he will remain in Budapest for as long as is necessary."

The progress has convinced Massa's own doctor, Dino Altmann, that the Ferrari star's motor-racing career is far from over.

"I have no doubt Felipe will race again. I'm sure of that," said Altmann.

"The situation is still delicate, but I believe his life is not in danger anymore.

"From the beginning I felt the trauma wasn't as extended as it was believed, but the improvements have gone beyond our wildest expectations."

Altmann also believes fears surrounding Massa's left eye, seemingly damaged after he was struck on the helmet at 162mph by a suspension spring that had worked free from Rubens Barrichello's Brawn during qualifying for the Hungarian GP on Saturday, are being eased.

"Stimulated by the physiotherapist, he showed he knows left from right and has full awareness of distance and depth," added Altmann.

"His eye has been opened, with care because it is still swollen, and he has said he can see. His vision has not weakened.

"He also gave appropriate answers in three languages. That means the brain's cognitive area is fine."

It is uncertain as to when Massa will return, potentially not this season, which means Schumacher could partner Kimi Raikkonen for the final seven races of the year.

Although Schumacher tested last year's Ferrari, he has not driven this season's model, with Valencia hardly an ideal track for him on which to adapt.

However, with two of his favourite tracks in Spa in Belgium and Monza for the Italian Grand Prix - where he will be treated like a king - Schumacher may yet prove himself to still be a force.