Montezemolo has hinted he will increase Ferrari's budget in order to catch up with dominant Mercedes.
The fabled Italian marque has struggled early this season, prompting the exit of team boss Stefano Domenicali.
But recent rumours suggest Ferrari is now prepared to 'break the bank' to woo F1's highest-paid engineer, Adrian Newey, to Maranello.
Ferrari can afford him. The Financial Times reports that the company recorded "record revenues, profits and cash flow" last year, with net profit up to EUR 246 million.
Montezemolo is quoted by La Gazzetta dello Sport as saying that while the exclusivity of Ferrari road cars remains a priority, that is a challenge "given heavy investment and F1, which requires an exceptional effort economically to recover the gap to the opposition".
Spain's El Mundo Deportivo reports that one Ferrari recruit is to be the retired 68-year-old Jean-Jacques His, an engine expert best known for leading Renault's technical efforts during the French manufacturer's dominant era.