1 M Schumacher (Ferrari) 1:13.898
2 Alonso (Renault) 1:13.962
3 Webber (Williams) 1:14.082
4 Raikkonen (McLaren) 1:14.140
5 Fisichella (Renault) 1:14.396
6 Montoya (McLaren) 1:14.664
7 Barrichello (Honda) 1:15.804
8 Trulli (Toyota) 1:15.857
Latest news (all times BST):
1405: Fernando Alonso is the last man to try and beat Schumacher's time but with the flags out for the German, his lap is compromised and the Ferrari man clinches pole. Alonso will be alongside him on the front row ahead of Mark Webber and Kimi Raikkonen. David Coulthard's Red Bull will start ninth, ahead of Nico Rosberg's Williams.
1404: Michael Schumacher makes an awful mistake at the Raskasse - but with the yellow flags out, that might play into his hands.
1401: Fisichella is in again and this time gets his new tyres, as does team-mate Fernando Alonso. All 10 cars are now out on the track.
1400: Confusion in the Renault garage as Giancarlo Fisichella comes in - and then is promptly sent straight back out again.
1358: And Ferrari's Michael Schumacher is the first man under one minute 14.
1356: Kimi Raikkonen is on a quick lap....and he posts a 1:14.140.
1354: Less than 10 minutes of the final qualifying session to go. The battle for pole should begin to hot up very soon.
1349: Juan Pablo Montoya is enjoying himself in his McLaren. He's quickest at the moment and is on another flyer.
1344: There is barely time to draw breath before the final qualifying session begins.
1339: The second session finishes with Ralf Schumacher, Klien, Liuzzi, Button, Villeneuve and Heidfeld out of the top 10.
1338: Disappointment for Jenson Button, who can do no better than 14th in his Honda. Ralf Schumacher is the other high profile casualty.
1336: Ralf Schumacher is in 11th and vying with Rubens Barrichello for the last qualifying spot.
1335: And Button has come in for some new tyres to try to find some speed - he has over three minutes to save his grid position.
1334: Button has a clear track for his Honda as he makes a last-gasp effort to avoid elimination.
1332: Relief for Michael Schumacher's camp as the German puts his Ferrari in fourth.
1330: Jensen Button is really struggling now in 12th - he could be eliminated. Michael Schumacher is not yet in the top 10 but he is on a flying lap now.
1329: David Coulthard moves up to fourth in his Red Bull, but fellow Briton Jenson Button isn't having much of an impact. He lies ninth.
1327: Giancarlo Fisichella matches last year's pole time as the Italian looks to put the pressure on Renault team-mate Fernando Alonso.
1323: The action hots up again as the second knock-out session gets under way.
1318: And that's it for the first session. Albers, Monteiro, Speed, Sato and Montagny and Massa will fill the last six places on the grid for the Monaco Grand Prix.
1316: Scott Speed looks in danger in 19th - and bizarrely he pits, even though he has time for another quick lap.
1313: Michael Schumacher eases his nerves by finally climbing out of the bottom six and going seventh quickest.
1312: Giancarlo Fisichella goes fastest for Renault.
1310: Massa will start last for the Monaco Grand Prix. The first session of qualifying is under way again.
1306: Disaster for Ferrari. Felipe Massa crashes out at Casino Square and team-mate Michael Schumacher is yet to put in a good time as the first session is delayed by red flags.
1305: Champion Fernando Alonso's third lap puts him quickest for now, but Jarno Trulli is on a flyer.
1300: The cars begin streaming out onto the Monaco circuit as the first session gets under way.
1235: With less than half an hour until qualifying starts, the weather is dry and sunny. The air temperature hit 24C during final practice, 35C on the track
World champion Fernando Alonso is aiming for his first Monaco pole position in arguably the most important qualifying session of the season on Saturday.
The Spanish Renault driver was fastest in final practice on Saturday morning.
The battle for grid positions takes on such a crucial role in the streets of the Mediterranean Principality because overtaking is more difficult on this track than anywhere else on the Formula One calendar.
That is likely to make qualifying extremely fraught, especially because this is the drivers' first experience F1's new knockout system at Monaco.
Alonso has said he expects some surprise faces at the front, and several leading drivers expect problems passing slower cars in the session.
Jenson Button, hoping to kick-start a disappointing season in his adopted home, said he expected the first and second sessions to be "crazy" as drivers battled to ensure they were not among the six slowest to be eliminated each time.