The 19-year-old is embarking on his first season in Formula 2, the final feeder category before Formula 1, with the leading Prema team in 2019.
As part of his deal, Mick Schumacher is to drive in two tests with Ferrari this season.
Michael Schumacher won five of his record seven world titles with Ferrari.
Michael Schumacher, who turned 50 earlier this month, has not been seen in public since suffering severe brain injuries in a skiing accident in December 2013.
Ferrari would not officially confirm the deal with Mick Schumacher. but, they said they were interested in him joining the academy and were talking to him about it, but there had been no developments since he had attended the post-season Formula 1 test with them in Abu Dhabi last November.
Mick won the European Formula 3 title during his second attempt last year.
But a place in it is not a guarantee of a future in F1.
Schumacher’s manager Sabine Kehm has not responded to requests for comment on Mick Schumacher’s situation.
Meanwhile, former Manor and Sauber driver Pascal Wehrlein is set to be a Ferrari development driver this year.
The German, whose position as a Mercedes young driver was ended last year, is to undertake work in Ferrari’s simulator.
Wehrlein is currently racing in Formula E for the Mahindra racing team and made his debut in Marrakesh last weekend.