The Briton has signed for Mercedes after six years driving for McLaren, a move which has effectively forced 43-year-old Schumacher into retirement at the end of the season.
Schumacher, who won seven world titles during his lengthy career, had been tipped to stay on with the team in some capacity, although he remained coy on his future after announcing his retirement.
"I have some options," Schumacher said, "and you know some of the options, but we will decide when the time is there."
Mercedes team principal Ross Brawn had been quoted speaking to the BBC suggesting Schumacher, the "greatest racing driver of the century", could stay on.
"We would like him to stay involved with Mercedes," he said. "There is a lot of things he can contribute - perhaps on the racing car side but certainly on the road car side and I think that is something he would enjoy a great deal."
But when asked whether he was expecting Schumacher to remain in the background, Hamilton said quite simply and emphatically: "No."
As Brawn himself conceded, "Someone of the calibre of Lewis does not become available every day. That was an important factor that came into it."