There has been lots of talk especially after his second test, but this article says there is a contract behind it. Link
If he did go to F1 (I'd bet big $$$ against it) why would he go to Ferrari ?? They are not even a top 5 team at the moment and its going to get worse the next few years ?? This is Rory Byrne's last year. He is the chief designer and has been for the duration of the huge success. You don't just 'plug in the next guy' and have immediate success. Ross Brawn and Jean Todt both have the end of '06 as the expiration of their current contract, as does some mid-pack driver named Schumacher. I don't think Rossi is stupid enough to leave being the biggest (and FATTEST, in terms of his pay packet) fish in the relatively small pond just out of 'curiosity' regarding F1, while earning more than all but the top 2 or 3 drivers. I just don't see it happening. If Rossi can bank $25M/year for the next 4 or 5 years....he won't have to worry about his kids or grandkids ever having to work. Aside from that, the last time he was interviewed on the subject, he flatly denied that it is anything other than a 'sideline' to him to test the Ferrari.
I am pretty sure that he already has enough that he doesn't have to worry about his kids and grandkids.
So I am Valentino Rossi, I win six championships, and maybe I have this opportunity. So this is my advantage, no?” what a quote
A little blurb from Reuters on ESPN... http://sports.espn.go.com/rpm/news/story?seriesId=6&id=2384210
$25M is chump change to the top F1 deivers. Why settle for only $25M when he can make double that each year?
Schumacher is the only one I know of. Who else makes that kind of cash? Even Alonso's 2007 McLaren deal is reported to be less than that.