At the ripe age of 41, the legendary Formula One driver is coming out of retirement. After a three-year hiatus, Michael Schumacher is poised for a comeback with the all-German team by Mercedes Benz.

The German garnered a record seven world championships, becoming the face of Formula One as its most successful driver. Schumacher and his Ferrari sidekick Rubens Barrichello won 30 of 35 races in 2002 and 2004.

His return comes just in time, as auto manufacturers Toyota, BMW and Honda fell due to the economic downturn and Renault is teetering on the edge. The openings have been filled with a host of new teams but most likely will not match the intensity of past championships. In any case, Mercedes said it received call from rivals welcoming Schumacher’s return since it is bringing back new life to the sport.

Schumacher has stated that he is fully recovered from the neck injury that prevented his 2009 return. His return will see competition from the top of the heap like the McLarens of Lewis Hamilton and the current world champion Jenson Button; the Ferraris of Alonso and the Brazilian Felipe Massa; and the Red Bull of Sebastian Vettel. Schumacher has nothing to lose. If he wins, it proves his successors could not fill his shoes. If he loses, he always has his past achievements which are unmatched in Formula One.

His return from retirement has sparked a fury of sports betting action. Sky Bet is offering 5/1 odds that Schumacher will win the Drivers Championship in 2010 and 8/13 that the former champion will win a Grand Prix next year. He is priced at 13/2 with Victor Chandler to win the Drivers Championship.