One of Michael Schumacher's most prized possessions is set to go to auction and could fetch millions

One of the Formula One legend Michael Schumacher's most valuable possessions is about to go to auction and is expected to be sold for a crazy amount.

After a 21 year career which saw him win a record-setting seven Formula One driver's championships, Schumacher is widely regarded as one of, if not the, best F1 drivers of all time.

When you think of Ferrari, the most iconic F1 team, you almost always think of Schumacher, who raced for the team for a decade.

And now, years after his retirement, one of Schumacher's most famous possessions from his time is about to be sold for millions.

Next month, the car that Schumacher drove his during his final Formula One season with Ferrari will be sold to the highest bidder in an auction in Ontario, Canada.

The Formula One car for sale is the 2006 Ferrari 248 F1, which Schumacher drove to five Grand Prix victories and eight podiums during his final season with Ferrari, who he left at the end of the race calendar for his first retirement.

It was this car that the German driver drove when he broke Ayrton Senna’s pole position record and it was also the car he drove to achieve both his last pole position and his last win at the German Grand Prix in July 2006.

After it's final drive, the car was sold to a private collector in 2007, alongside the paperwork to prove its authenticity, and until now it has stayed locked away in their collection.

But ahead of the auction the iconic car will be on show in New York City from November 8 to 20, giving F1 fans potentially one last chance to see the memorabilia.

Michael Schumacher drove the 2006 Ferrari 248 F1 during his final season with the Italian team. (Image: Getty)

Schumacher's historic car is expected to be one of, if not the, most expensive Formula One cars to be auctioned in the history of the sport.

As it stands, the 1954 Mercedes W196R, driven by the iconic Juan Manuel Fangio during the season that saw him plain the second of his five Formula One titles, hold the top spot after being sold sold at auction for a breathtaking $29,650,095 in 2013.

While the Ferrari 248 F1 is unlikely to surpass this record, it will almost certainly rank amongst the top five most expensive cars to be sold, with the cheapest going for $4.8 million in 2018.