Luca di Montezemolo has revealed he would be happy to see Porsche on the Formula One grid.

According to Italy's La Gazzetta dello Sport, the Ferrari president made the comments about the German sports car maker this week at the Frankfurt Motor Show.

Luca di Montezemolo, Scuderia Ferrari, FIAT Chairman and President of Ferrari
Luca di Montezemolo, Scuderia Ferrari, FIAT Chairman and President of Ferrari

Photo by: xpb.cc

"I have a lot of respect for Porsche, which I consider to be the main rival for some of our cars. Competition is always welcome, especially when you're sure you'll win," said the Italian.

Unfortunately for Montezemolo, Porsche is unlikely to be seen on the Grand Prix grids at least in the foreseeable future.

Also at the Frankfurt show, Porsche's chief executive Matthias Muller said: "Formula One is still not interesting for us.

"It is simply too expensive and doesn't offer enough in exchange, especially for spectators," he added, according to Automotive News Europe.

Meanwhile, Montezemolo welcomed Sebastian Vettel's admission at Monza last weekend that he would like one day to experience winning the Italian Grand Prix in a "red suit".

"I can understand Vettel," he said. "He's an intelligent person with good taste and he knows what Ferrari stands for, with all due respect to the other teams."

Montezemolo also appeared to comment on the appointment at new F1 supplier Pure of Gilles Simon, who after designing engines for Ferrari most recently headed the FIA's engine department.

He's an intelligent person with good taste and he knows what Ferrari stands for

Luca di Montezemolo

The Italian suggested he is worried Simon is taking up his new role having worked closely with the existing engine manufacturers on their V6 designs for 2014.

"It is not right that a technician can have the ability to pass on confidential information," Montezemolo, not referring specifically to Simon, is quoted by Italy's Autosprint.