This contribution reports on the latest status of the feasibility studies for the measurement of time-like proton electromagnetic form factors (FF’s) at the PANDA experiment  at FAIR (Germany). Electromagnetic FF’s are fundamental quantities parameterizing the electric and magnetic structure of hadrons. In the time-like region proton FF’s can be accessed experimentally through the annihilation processes p → l+l− (l = e, μ), assuming that the interaction takes place through the exchange of one virtual photon.
Due to the low luminosity available at colliders in the past, an individual determination of the time-like electric and magnetic proton FF’s was not feasible. The statistical precision, at which the proton FF’s will be determined at PANDA, is estimated for both signal processes p → l+l− (l = e, μ) using the PandaRoot software, which encompasses full detector simulation and event reconstruction. The signal identification and suppression of the main background process (p → π+π−) is studied. Different methods have been used to generate and analyze the processes of interest. The results from the different analyses show that time-like electromagnetic FF’s can be measured at PANDA with unprecedented statistical accuracy.