Schumacher holds a record seven F1 titles and 91 grand prix victories.
Michael Schumacher and wife Corinna pictured together in 2005.
They said it will show the racing driver as a "remorseless and daring Formula 1 driver, the ambitious sportsman, the accomplished mechanic with a unique technical flair, the reliable team player and the loving family man".
This is the first documentary about the star that is officially backed by his family.
"Schumacher" will tell the eponymous sporting star's story. His family, loyalty and friendship were always more important to him than prominence, money and the worldwide attention that the racing circus brings with it. 14 FILM are producing along with DCM, who will release the film in German-speaking territories.
The executive producers say the film is in post-production and that they will offer it for sale for worldwide markets outside Germany at the Cannes Film Festival later this month.
An award-winning documentary film director, Wech's Resistance Fighters premiered at the 2019 Copenhagen International Documentary Film Festival. Kammertons worked as co-author of TV documentaries for ARD and Arte.
Scenes from Schumacher's 50th birthday celebrations in January are expected to be included in the film, which will also celebrate the 25th anniversary of his first World Championship success, when he raced to victory over his main rival Damon Hill in Adelaide, Australia, after the two crashed spectacularly.
Almost six years on from Michael Schumacher's horrific skiing accident, his wife and father are set to open up on camera for the first time.
Updating fans in January, a statement from the Schumacher family read: "You can be sure that he is in the very best of hands and we are doing everything humanly possible to help him".
"It is time for a film", producer Vanessa Nocker. "And it goes without saying that we are very much aware of the great responsibility we bear here", she stated.
Benjamin Seikel from B14 Film hailed the family's trust with such a sensitive and ambitious film.