Vettel's current contract with the Scuderia outfit expires at the end of the 2020 season and his future remains in the air.
According to Sky Sports Italia, Ferrari is keen on re-signing Vettel for another season, but the new contract would see him earn less than his current agreement.
In December, Vettel's teammate Charles Leclerc penned a new long-term deal after a successful maiden season with the Italian team, scoring seven pole positions and two race wins.
Vettel joined Ferrari in 2015 and has 14 race wins for the team, but is yet to claim a championship with the Maranello outfit.
In 2019, Vettel ended the season with one race win and behind Leclerc in the drivers' championship.
Bahrain International Circuit - Winter testing