Schumacher spent nearly six months in an induced after the near-fatal accident in the French Alps in 2013, before he was transferred to a hospital in Lausanne, Switzerland, to be closer to his family.
FIA president Mr Todt was the boss of the Ferrari F1 team during the German legend's time in the famous red car and the pair soon became friends.
"Michael is a close friend, his family is very close to me and I am very close to them as well. We must keep him fighting with the family."
Speaking at a media briefing, he added: "It was interesting last week after Lewis [Hamilton] won the title for third time.
"You saw the figures. I was very proud of what Michael achieved. Sometimes you tend to forget what he did."
Schumacher's career saw him amass a record seven world titles and the most amount of wins (91) ever for a driver.
The F1 legend has been battling for his life ever since he suffered catastrophic head injuries in December 2013 during a ski accident.
While going across an area that was not on piste, Schumacher hit his head on a rock and needed emergency brain surgery.
He was placed in a medically induced coma for nearly six months but then in June 2014 was discharged from hospital and has since been receiving medical care at home.
However, his recovery and current condition has been shrouded in secrecy - with official updates few and far between.
Schumacher has reportedly been left paralysed following the tragic ski accident but those claims are unconfirmed.
Earlier this month, the former team principal of Ferrari and Mercedes Ross Brawn said there was still hope for the stricken star.
He added: "We just keep praying every day that he’ll recover to a stage where?it's slow, but there's always hope."