Luca di Montezemolo's future as chairman of Ferrari has been thrown into doubt following criticism by Sergio Marchionne, chief executive of FiatChrysler Automobiles, which owns the sports car manufacturer.
Criticising Mr Montezemolo's failure to lead Ferrari to a Formula 1 victory in six years, Mr Marchionne told reporters at an event in northern Italy that: "Nobody is indispensable."
The statement followed a weekend of mounting speculation about Mr Montezemolo's future at Ferrari after the team again failed to notch up victory at the Formula 1 race at Monza.
Bankers have considered an exit of Mr Montezemolo could pave the way for a long speculated stock market listing of Ferrari.
Analysts at Mediobanca considered Mr Marchionne's comments as an indication that "change at the helm of Ferrari in likely" despite Mr Montezemolo having been reappointed earlier this year for another three years, after 23 years as chairman.
"We believe that expectations for a Ferrari listing may support the [Fiat] share price," Mediobanca analysts said.
Fiat has on and off considered a listing of Ferrari since 2005. Mr Marchionne in 2011 said he could "list Ferrari at any time". He said at that time it could be worth more than €5bn.
Bankers have considered Ferrari's listing as a means to reduce Fiat's debt and improve its credit rating.
Mr Marchionne's comments come after Fiat last week said its merger with US Chrysler was in the final stages and should be completed by mid-October which will result in the stock listing in New York.
After the merger, Fiat Chrysler could seek to raise capital, according to people at the company.
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