Former Formula One world champion Michael Schumacher was going to fill in for injured Ferrari driver Felipe Massa and hoped to return at this month's European Grand Prix in Valencia, Spain. (Ralph Koehler/Bongarts/Getty Images)

Looks like Michael Schumacher isn't making a dramatic comeback to Formula One after all.

The legendary seven-time champion called off his highly anticipated return to the circuit on Tuesday, citing lingering injuries from a motorcycle crash earlier this year.

"The consequences of the injuries caused by the bike accident in February, fractures in the area of head and neck, unfortunately have turned out to be still too severe," Schumacher said on his website.

"That is why my neck cannot stand the extreme stresses caused by Formula One yet."

The German was going to fill in for injured Ferrari driver Felipe Massa and hoped to return at this month's European Grand Prix in Valencia, Spain.

"Unfortunately I'm not able to step in for Felipe," he said.

The 40-year-old retired at the end of the 2006 season. He has occasionally raced in a motorcycle series since then, but hurt himself in a February crash.

He started testing an old Ferrari in Italy to train for his return, but the pain from the crash was too much to bear.

"I really tried everything to make that temporary comeback possible. However, much to my regret it didn't work out," he said. "Unfortunately, we did not manage to get a grip on the pain in the neck."

Ferrari test driver Luca Badoer will race in Schumacher's place.

Arguably the greatest F1 driver in history, Schumacher won 91 races in 250 starts in an F1 career spanning 15 years, beginning in 1991.

Ferrari announced that team test driver Luca Badoer will race in Massa's place at Valencia.

'I am very unhappy that a problem means that Michael cannot return to racing.'—Luca di Montezemolo, Ferrari head

Luca di Montezemolo, the president of Ferrari, thanked Schumacher for his loyalty to the team in attempting an F1 comeback.

"I am very unhappy that a problem means that Michael cannot return to racing," Montezemolo said. "In the past few days, I could appreciate his great efforts and extraordinary motivation which had spread through the team and fans around the world.

"No doubt his return would have been good for Formula One and I am sure it would have seen him fighting for wins again. In the name of Ferrari and all the fans, I wish to thank him for the strong attachment he displayed for the team in these circumstances."

Schumacher acted as an adviser for the Ferrari team before the attempted comeback.

"I am disappointed to the core. I am awfully sorry for the guys of Ferrari and for all the fans which crossed fingers for me," Schumacher said. "All I can do now is to keep my fingers crossed for the whole team for the coming races.

"We have to get a grip on [the neck pain] as health has priority — that's the clear arrangement made with Ferrari and, by the way, with my wife, too,"

With files from The Associated Press