The former world champion, who came third in last year's I'm A Celebrity...Get Me Out Of Here!, bumped into the ex-Mercedes racer at Skydive Dubai and decided to jump out of a plane alongside the German.
"We both turned up at Skydive Dubai completely unannounced and I couldn't believe my luck when I saw Michael Schumacher getting ready to jump," the Daily Mail quotes Haye as saying.
"I have followed his career for years and sometimes even imagined being him when cruising the roads of South London in my younger days. So, to get the chance to meet him, totally out of the blue, has really made the whole trip worthwhile."
Meanwhile, Haye is in training for his boxing comeback in Manchester this summer.