"I can understand that there is a huge interest in who will be driving alongside Nico Rosberg," said Mercedes motorsport chief Norbert Haug. "However we need time and I cannot promise today that the present will be unwrapped before Christmas."
Earlier this week, Schumacher's agent, Willi Weber, told German news agency SID: "I am going to be meeting Michael soon, as we meet up often throughout the year, and there will be no question of Norbert Haug or Mercedes."
Haug said Mercedes had a number of options and "to weigh up all the details needs time and we will take this time."
Mercedes, which has taken a major stake in the Brawn team, is believed to favour an all-German line-up after losing world champion Jenson Button to McLaren, and has already spoken to Nick Heidfeld as a possible team-mate for compatriot Rosberg.
Schumacher, 40, was due this season to step in for the injured Felipe Massa at Ferrari but had to pull out as a result of lingering problems with a neck injury.
Formula One commercial rights holder Bernie Ecclestone, speaking to the Times on Sunday, about a possible Schumacher return, said: "I would personally doubt that he's going to make a comeback but, having said that, it's maybe getting a bit stronger than a rumour."
Ecclestone said a Schumacher return would be "magic" for the sport, but added: "Whether or not this is going to happen, I don't know. If I was Michael I wouldn't do it, but I'm sure he knows (if) he could get the job done."