French broadcaster TF1 is predicting a change at the top of the Maranello based team.
Montezemolo joined Fiat in 1970s and worked as Enzo Ferrari's assistant before running the F1 team.
He became President of Ferrari in 1991, but has been linked with a move to politicis in the recent years.
34-year-old Andrea Agnelli, part of the famous Agnelli family and currently president of the Juventus football club is rumoured to be Montezemolor's successor at Ferrari.
Montezemolo's rumoured exit from Ferrari was earlier reported in Milan's newspaper Libero, which was denied by Fiat at that time.
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