But the move has not gone according to plan so far, with the Brit struggling to keep pace with his new team-mate, Charles Leclerc.
The Monegasque has got the better of his more decorated counterpart in each of this season's opening five grands prix, and achieved his best result of the year in Saudi Arabia last weekend, finishing third behind winner Oscar Piastri and Max Verstappen.
Speaking on Backstage Boxengasse, Sky Sports Germany's F1 podcast, former race winner and pundit Ralf Schumacher admitted that the gap between the pair is bigger than he anticipated.
"It's a huge project, what Ferrari and Hamilton had planned," said the six-time race winner. "But at the moment, he's a long way from Charles Leclerc - I wouldn't have thought it would be this extreme.
"However, China also showed that as soon as he gets into the car and the track and the car suit him, he delivers. There's still room for improvement."
Could Hamilton quit Ferrari?
Schumacher also believes there is a growing chance that Hamilton could decide to quit should results, performances, and his overall happiness not improve.
Hamilton has made no secret of his desire to challenge for championships once again on a regular basis having endured a dismal time at Mercedes in the three seasons prior to his departure.
But his chances of doing that this season, at least, already appear all but over, with the 40-year-old having accumulated just 31 points to date.
He currently sits seventh in the drivers' standings, one place behind the man chosen to replace him at Mercedes, rookie Kimi Antonelli.