Postpublished at 13:14 British Summer Time 23 May 2015
Four minutes left of Q1 and in danger at the moment are Felipe Massa, Valtteri Bottas, Marcus Ericsson, Roberto Merhi and Will Stevens.
Hamilton takes pole, Rosberg 2nd, Vettel 3rd
Ricciardo 4th, Kvyat 5th, Raikkonen 6th
Bottas out in Q1, McLarens out in Q2
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Gary Rose
Four minutes left of Q1 and in danger at the moment are Felipe Massa, Valtteri Bottas, Marcus Ericsson, Roberto Merhi and Will Stevens.
Jennie Gow
BBC Radio 5 live pit-lane reporter in Monaco
"A couple of spots of light rain. It is tiny but it is definitely on its way."
James Allen
BBC Radio 5 live commentator in Monaco
"It's so crowded around here - no wider than a tennis court."
Fred Owen: Vettel looking promising for this one, wanting to see someone pip Nico Rosberg at his home GP.
Mark_Horner: Hopefully Lewis Hamilton for pole, to try stop Rosberg from overtaking him tomorrow. Monaco is a difficult track to overtake on :)
Vicky Sanderson: Anybody else worried why Williams are so far down the order? Sincerely hoping they are sandbagging...
Nico Rosberg clocks a new benchmark time with 1:16.528, 0.060s faster than Lewis Hamilton. Sebastian Vettel improves his time but remains third and is a second off the pace of the Mercedes. As expected, Mercedes had more in hand than they showed in practice.
Meanwhile, Fernando Alonso has made his first appearance in qualifying, supersofts bolted on.
The two Mercedes take up a familiar position at the top of the timesheet, with Lewis Hamilton (pictured) shading his team-mate by one tenth of a second to go fastest with 1:16.884.
Rosberg is second fastest, ahead of Sebastian Vettel, Max Verstappen and Daniel Ricciardo.
Jennie Gow
BBC Radio 5 live pit-lane reporter in Monaco
"There's already needle between Hamilton and Rosberg, as Rosberg tries to overtaken him and Hamilton is having none of it at all."
Plenty of fans in attendance, all keen to see more action than they witnessed on Thursday, when second practice was largely washed out.
Max Verstappen is the early pacesetter with 1:19.803. He, like most, has opted to go out on the soft compound tyre, apart from Marcus Ercisson and the two Manors.
Fernando Alonso is one of three drivers yet to emerge on to the circuit with four minutes gone.
Max Verstappen, whose practice was cut short earlier this morning after damaging his Toro Rosso, is straight out on to the circuit along with team-mate Carlos Sainz.
Daniel Ricciardo, Will Stevens and the Mercedes pair of Lewis Hamilton and Nico Rosberg also head out. Busy, busy, busy!
Green light and 18 minutes of Q1 is under way. Remember we lose five drivers in this part of qualifying.
Engines are firing up. Here we go!
James Allen
BBC Radio 5 live commentator in Monaco
"Lots of tension in the garages this morning as we get to the business end of this Monaco Grand Prix weekend. This is the crunch moment. It is about Hamilton, it is about Rosberg, it is about the grudge match that hangs over from last year, when Hamilton felt Rosberg cheated him out of pole position."
Kyle Mclaren: Vettel showed some great pace in #FP3 so hoping he can continue that speed and momentum into qualifying.
Tristan Cooper: The key to better F1 is not higher speeds, it's closer racing and more overtaking ON THE TRACK, not in the pits.
Adeel Ejaz: Surely, I can't be the only one disappointed with the #MonacoGP changes. Where is the challenge when the walls are pushed back?
Ayrton Senna was the qualifying king in Monaco, securing pole on five occasions (1985, 1988, 1989, 1990, 1991). Nico Rosberg is the man who seems to have got the twisty streets nailed of the present day drivers, snatching pole in 2013 and 2014. A hat-trick on the cards today?
Do you know how much a hotel room with a view of the circuit will cost? Or how many grands prix a Monaco resident could expect to see in their lifetime? The answers to those stats, and plenty of other interesting Monaco facts, can be found in our handy Monaco Grand Prix preview.
It is a bit cloudy in Monaco with some blue sky occasionally breaking through. Dry conditions expected throughout the session.
All the drivers are suiting up, with one hour of qualifying getting under way in nine minutes.
Allan McNish
BBC Radio 5 live analyst in Monaco
"Fifteen minutes to go before a spicy MonacoGP qualifying, Vettel was fastest in last practice......."