The reports were sparked when the retiring seven time world champion was quoted in English-language reports as saying: "I have signed a contract and will be active as a test driver".
In fact, the 43-year-old's interview was with Stern, the German weekly newsmagazine.
And he clarified to the Germany daily Bild that he will be a test driver in 2013 -- for the Italian kart chassis maker Tony Kart.
He explained: "I like karting. It's always been a big thing for me."
Indeed, Schumacher told Stern that he is looking forward to "not thinking so much about F1" in 2013 and beyond.
One of his new passions is skydiving.
"I'm still a beginner, but I am looking forward to not always having to be thinking of F1.