From motorsport.com :

After 11 seasons as a Formula One driver, Ralf Schumacher is well aware that 2007 might have seen his final F1 race. He started the new year by parting with his personal manager Hans Mahr, who only held the position for one year, and finished it with only five points to his name, three less than his Toyota teammate Jarno Trulli. And with only two teams left to confirm their F1 driver lineups for this coming season, Schumacher looks to be left without a ride. The former Spyker team, now Force India, has one seat open and the German is no longer a possible candidate for the seat. Instead, the front runners are Giancarlo Fisichella, Christian Klien, Tonio Liuzzi and Roldan Rodriguez. The team plans to make their announcement around January 11th. That leaves the two seats still available with Super Aguri, the second Honda team, and as of today, it appears that the rides may end up going to the 2007 pairing of Anthony Davidson and Takuma Sato. According to the team's managing director, Daniel Audetto, Davidson is 100% certain to stay, and Sato's position is also considered secure. Schumacher appears to accept the fact that he will be left out in the cold, as the 32 year-old racer is already is taking steps toward his future. It appears that he will leave F1 with six victories out of his 108 starts. Earlier today, he confirmed to the German portal motorsport-total.com that he will not race in 2008. "Until now it has been my life, and motor sport is certainly a big part of my future," Schumacher said. "In which form, remains to be seen." In his public interview, Schumacher ruled out racing on American ovals so he will not follow in the footsteps that many open-wheel starts have done by taking NASCAR rides. Of course that also shuts the door in the IndyCar Series. However, it does leave open the door that other F1 drivers have walked through, and one where racers have moved over to Europe to take on the challenge of F1. So might Champ Car be a possibility? Apparently, he would prefer to remain in Europe, though not in sportscar endurance events such as the Le Mans Series or even the 24 Hours of Le Mans. Of course, it is possible that the German might be looking at the hotly-contested German touring car championship (DTM). At this time it is unclear when he might race, if he even decides to continue in motor sports in 2008. Plus there is the possible return to F1 in 2009; however, Schumacher was very up-front on that prospect: "Theoretically that may be possible, but practically you have to wait and see what happens. Formula one waits for nothing and no-one."

I think that means that the answer to the question in the subject of this post is : YES !

And, if I may add my personal opinion : FORTUNATELY - it was about time !