Despite eager anticipation from fans and the media, reports suggesting that Charles Leclerc's rumoured contract extension with Ferrari would be announced this week have been quashed.

Hopes were stoked by a teasing social media post from the Italian team, which led many to believe a significant announcement was imminent.

Instead, it turned out that the buildup was for a less momentous revelation - Ferrari's special red overalls for the upcoming Las Vegas GP.

"Many thought it was about Leclerc's contract, but this is not the case," the Italian newspaper Corriere dello Sport remarked. "At least for now."

Under new leadership of Frederic Vasseur, Ferrari still contends with the ghosts of its illustrious past. As the team endures a rough patch, echoes from its glory days come in the form of wisdom from Jean Todt, its most revered team principal and former FIA president.

Speaking to French broadcaster Canal Plus, Todt highlighted the unique position of the Scuderia in Formula 1's landscape: "Ferrari is a team that is a bit different because it creates emotion and passion like no other team.

"Then, if it doesn't work, the tendency is that with the pressure from the media and the Tifosi we have to change (boss) and that's not necessarily a good thing."

Todt reminisced about the era when he steered the Maranello squad to unparalleled success, emphasising the importance of stability which seems to elude the team today.

"I think that at the time when I was the boss, one of the advantages that I was able to have and which then allowed us to have success, was precisely that we were able to benefit from stability," said the 77-year-old Frenchman.

Indeed, even in the face of adversity, Todt and his team held fast: "Because even though there was often strong pressure to change, we did not give in to this pressure and we remained united in the difficulty.

"Then it bore fruit," he added.

Acknowledging Ferrari's ongoing potential, however, Todt noted, "Since I left in 2009, I think it is one of the best teams. It hasn't been the best team, since after 2009 there was the domination of Red Bull with Vettel, the domination of Mercedes with Hamilton and now the domination with Verstappen."

Todt commented on the fine margins that separate victory from defeat for Ferrari: "There's not much missing, but that being said, we know very well that it's the last thousandths that are the most difficult to get," he said.

"So this year it wasn't the case, will it be the case next year? Honestly, I wish it for them, but I don't know."

Todt's reflections encapsulate a simple truth for Ferrari, as he added: "To win, you have to put all the elements together, and today, it's missing a little bit. Not a lot, but a little bit."