It was the first time since 1994, when Schumacher took his first title at Benetton, that the award had not gone to the same year's Formula One champion.
Brazilian great Pele will join FIFA president Sepp Blatter among the 3,500 spectators at the December 5 event.
The German goalkeeper is famous for his loud complaints and intimidation of opposing strikers.
The German, who clinched his seventh Formula One title in Belgium last month, survived a collision, a spin and a puncture in the Chinese Grand Prix.
Mick Schumacher, son of seven times world champion Michael, made his Formula One test debut with Ferrari on Tuesday at the Bahrain circuit, where 15 years ago his father won the first Grand Prix in the Middle East.
The German sped round the Monza circuit in one minute 20.526 seconds with Ferrari teammate Rubens Barrichello second in 1:20.861.
Ferrari's technical director said the Finn is an exceptional driver who doesn't appear to make many errors.
Michael Schumacher can become the first driver to win the same Grand Prix eight times, if he wins Sunday's French GP.
The world champion spun and hit the barriers while approaching one of the fastest parts of the Monza track at around 300 kph.
McLaren were back, ending their biggest slump of the last two decades to emerge as winners for the first time since March last year, and so too was real racing.
The Colombian has promised Williams he will do all he can to help them win the constructors' title.
On a pivotal moment on lap two, he was given a 'drive-through' penalty after an incident with Ferrari's Rubens Barrichello.
The Renault driver said with a bit of passion and luck, and good performance from the car, he can win the US Grand Prix.
Michael Schumacher was second and Narain Karthikeyan 17th on the start grid for Sunday's Canadian GP.
The six-time world champion was again untouchable as he led home a seventh Ferrari one-two of the season in the Hungarian Grand Prix.
Michael Schumacher may be still two races away from a record sixth F1 title, but according to his team's web site he has already won it.
Balbir Singh, the Indian-born physiotherapist who has been at the German's side for the past 10 years, wants to spend more time with his family.
The seven-time world champion, who is having a bad run this F1 season, said he's not even close to giving up the title.
Rubens Barrichello was 0.128 slower than Montoya in second place, while Schumacher was third with 1:20.784.
The Ferrari driver is one point ahead of Williams's Juan Pablo Montoya and two clear of McLaren's Kimi Raikkonen with two races remaining after Monza.\n\n
Briton Jenson Button will be docked 10 places on the starting grid for having his BAR's engine replaced.
The six times world champion backed the possibility of a grand prix being held one day in the British capital, providing safety can be guaranteed.
"He's got the old matador spirit, that's for sure."
David Coulthard grabbed second place for McLaren, ahead of Jarno Trulli and Fernando Alonso in the two Renaults.
Nobody leaving Imola could doubt that the battle lines were drawn for what promises to be a thrillingly competitive season.
Jordan's Indian ace posted his third finish in four races in the Formula One championship.