In a letter to ECB and IMF leaders dated 6 June, Mr Schäuble said a new package was needed because the current aid package for Greece is "insufficient", adding there is a "real risk" of default if funds are not released soon.
He said the best way to achieve this would be "through a bond swap leading to a prolongation of the outstanding Greek sovereign bonds by seven years, at the same time giving Greece the necessary time to implement fully the necessary reforms and regain market confidence".
At the end of last week, European ministers and the International Monetary Fund said the next tranche of the €110bn bail-out package would be paid, most likely in July. Reports also suggested a new, extended bail-out was being finalised.
Jean-Claude Juncker, head of the group of eurozone finance ministers, said he thought extra help was likely, in exchange for additional deficit-cutting measures implemented by Athens.
Finance ministers are meeting on 19 and 20 June, and Mr Schaeuble wrote in his letter he was "confident" further help for Greece could be agreed.
Press release
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