It appears that the FIA and the ten teams have reached an agreement on what the new schedule for Grand-Prix week-ends will be like. Nothing is set in stone yet, but the following should not change much before the FIA approves it... sometime soon.

Friday:

Teams having chosen to limit their on-season testing to 10 days between March 1st and October 31st 2003 (a.k.a. the "Heathrow" agreement) will be allowed two hours of testing on Friday morning, from 8:45 to 10:45. Only Minardi, Jordan and Renault have chosen this option. These three teams will be allowed to use three chassis and three drivers during these 120 minutes.

Following this, every team will have a one hour testing session between 11:00 and 12:00 before the first qualifying session (from 14:00 to 15:00). During this period, drivers will only get one timed lap and the final standings will determine the starting order of the Saturday qualifying session.

Saturday:

This day will start with two free sessions, from 9:00 to 9:45 and from 10:15 to 11:00. The qualifying session will be held from 14:00 to 15:00, still with only one timed lap per driver. The starting order will be in reverse order from Friday's times (Friday's fastest qualifier will start last on Saturday).

Sunday:

A 15 minute warm-up session will start the day, from 9:00 to 9:15. The pit-lane will open at 13:30 to allow one final shakedown lap before the cars take their position on the starting grid. The race will start at 14:00, like in years past.

Parc fermé:

After the Saturday qualifying session, cars will be put under surveillance in the parc fermé, meaning they will be under the watchful eyes of race marshals, but curiously enough, they will be allowed to go back to their garage. Despite the fact that each car will be in their garage, there won't be the possibility to make any major change to the cars.
We'll see if this "parc fermé but not in a parc fermé" solution will truly work...