The Swiss will turn 69 in October and feels he has reached an age where he wants he wants to retire. However, he has ruled out selling the team.

Sauber formed his Formula One team in 1991, but took a back seat in 2005 when BMW bought a 60% share of the company.

However, when BMW withdrew from the sport in 2009, Sauber stepped in and bought the team back from the German manufacturer to stop it disappearing from the F1 grid.

"I always said I would no longer be on the pit wall when I'm 70," the Swiss told German newspaper Der Sonntag.

"My successor is already decided. Monisha Kaltenborn will be our new head. This is certain. Quite when she will take over is not yet decided.

"Monisha will become the first female F1 team boss in history. She has been with us for 13 years, always in a leading role. I am confident that she will do a very good job."