Haas will announce this week who will partner Kevin Magnussen on the team next year, with Nico Hulkenberg widely expected to take the seat.
It would leave Schumacher without a drive after two years in F1 with Haas, as the rest of the grid is already completed for 2023.
The German driver will also lose his ties to the Ferrari Driver Academy at the end of this year, opening the door for him to be available for other teams.
Asked about the possibility of Schumacher joining as a reserve driver in 2023, Mercedes team boss Toto Wolff said he would be interested in talks if the German were to lose his seat.
“I don’t know what the status is with Mick at Haas,” said Wolff. “I think the most important thing for him is to get a racing cockpit.
“But I make no secret of the fact that the Schumacher family is part of Mercedes, that we really appreciate Mick as a personality and as a driver.
Michael Schumacher, Mercedes MGP W01
Photo by: Rainer W. Schlegelmilch/Motorsport Images
“That is why we will certainly discuss this option if it arises. But the first priority should be to finish in a racing cockpit, because that’s what he can and deserves.”
Michael, Schumacher’s father, made his F1 comeback with Mercedes in 2010 and raced for three seasons before retiring for good at the end of the 2012 season.
Schumacher Sr also drove for Mercedes early in his career as part of the sports car team in 1990 and ’91, prior to his F1 debut with Jordan at the 1991 Belgian Grand Prix.
Mercedes must sign a new reserve driver for next year, as the existing back-ups, Nyck de Vries and Stoffel Vandoorne, have taken on roles elsewhere. De Vries will drive full-time at AlphaTauri from next season, while Vandoorne will join Aston Martin as a reserve.
Haas gave Schumacher his F1 debut in 2021 after his Formula 2 title win last year, but has struggled to match teammate Kevin Magnussen for form this season.
Schumacher scored a best finish of sixth at the Austrian Grand Prix in July, but has only managed two top-10 finishes during his time with Haas, both coming this year.