Schumacher expecting Ferrari fireworks next season
The Maranello marque confirmed on Wednesday that the 33-year-old Finn had signed a two-year deal, replacing Brazilian Felipe Massa.
For Raikkonen, the move sees him return to Ferrari, where he won the world title in 2007 - only to leave two years later and with a season remaining on his contract as the team moved for Alonso.
Seven-times champion Schumacher, with five of those titles won with Ferrari, is fully expecting the inner-team rivalry to be high octane.
"Ferrari with Fernando and Kimi, that sounds like an explosive mixture," said Schumacher speaking to German daily Bild.
"For motor sport fans, it will certainly mean fireworks, and for their rivals, a tough pairing to overcome. It will be exciting to watch."
Ferrari, meanwhile, are understood to have completed their third raid on Lotus in a matter of months.
After recruiting technical director James Allison and then Raikkonen, Ferrari has now captured Lotus' head of aerodynamics Dirk de Beer.