Michael Schumacher will be instantly competitive on his comeback to Formula One, even though the seven-time world champion is 40 and has not raced since 2006.

That was the opinion voiced today by Eddie Jordan, the former team owner who gave the German his big break in Formula One and will be at the European Grand Prix in Valencia on 23 August when Schumacher returns to the cockpit as the replacement for injured Ferrari driver Felipe Massa.

Jordan said: "Michael is a different breed. He is a legend and anyone who dismisses him because of age is making a grave error. We all know what Nigel Mansell did, winning races at 41, Michael can certainly do the same.

In pictures: Famous sporting comebacks

"He is a very wily character and is very proud of what he has achieved. He certainly would not have made this comeback unless he was certain that, given enough track time, he can deliver. Schumacher is absolutely hardcore.

"I would be staggered if he's not in the top 10 in qualifying in Valencia, and he will be very close to the podium.

Former team owner Eddie Jordan

"I know he has not raced there before, but he hadn't raced at Spa when he drove for me in his Formula One debut at the 1991 Belgian Grand Prix, and he still qualified seventh."

Jordan dismissed concerns that Schumacher's absence from Formula One, and injuries to his neck and ribs sustained in a motor cycle crash and the fact he can't test the car will mean he is not match fit for Valencia.

"Michael wouldn't be doing this if he wasn't fit," he said. "But there are a lot of things going against Michael. For a start, there are a lot of young pups now, like Lewis Hamilton and Sebastian Vettel, ready to win.

"He is also at a disadvantage in that Ferrari have yet to win this year.

"And other big problems are that he has yet to work with KERS, he hasn't raced in recent years on slick tyres, and the technology has changed. There is no traction control now.

"But Michael is such a genius that he'll overcome all that in eight to 10 laps."

Ferrari are rumoured to be paying Schumacher £3million a race and that will be money well spent if, as Jordan believes, the German's presence reignites Kimi Raikkonen's faltering career.

Many believe that although the 2007 champion has another year left on his contract this will be his last season in Formula One because he has fallen out of love with the sport.

The 30-year-old has fuelled speculation by announcing he will make his World Rally Championship debut in Finland this weekend.

But Jordan said: "You will see a new Raikkonen because he will not want to be disgraced by Michael. In fact, it could rejuvenate the whole Ferrari team."

Jordan also believes Schumacher's return to Formula One will rejuvenate the sport.

He said: "In this current financial climate promoters are struggling to sell very expensive grandstand tickets. They will be full now, and that's down to Michael."

Explaining his decision to come out of retirement, Schumacher said: "Even though I completely wrapped up the subject of Formula One quite a while ago, due to my attachment to the team I cannot ignore this unfortunate situation. As a competitor, like I am, I'm looking forward to this challenge."

Massa fractured his skull during qualifying for the Hungarian Grand Prix on Saturday but was moved out of intensive care yesterday.

In pictures: Famous sporting comebacks