Sebastian Buemi and 2008 driver Sebastien Bourdais will also take part in the three-day test.
Toro Rosso's Sebastien Buemi claimed sixth ahead of Williams' Nico Rosberg, with BMW Sauber's Robert Kubica eighth.
CNN: Barrichello wins pole as Button blows it in rain-lashed Brazil
Toro Rosso tested Buemi, Bourdais and former F1 racer Takuma Sato last week.
Vitaly Petrov and Sebastien Buemi have both been touted, but the team is not expected to rush into an appointment.
Toro Rosso's Sebastien Buemi, Vitaly Petrov of Renault and the Force India of Adrian Sutil completed the leading 10 cars.
But he was confirmed as team-mate to rookie Sebastian Buemi on Friday.
For the second day running, Sebastien Buemi was fastest in Toro Rosso's 2008 car with a best lap of 1:17.591 at Jerez.
The Japanese racer bettered Buemi and Bourdais to set the fastest times of the three during November's test at Spain's Circuit de Catalunya.
Buemi, Red Bull Racing's reserve driver, has been strongly linked with a seat at Toro Rosso, who are now 100% owned by Red Bull.
Nick Heidfeld was seventh for a resurgent BMW Sauber, with Ferrari's Kimi Raikkonen eighth, followed by the Williams of Kazuki Nakajima and Toro Rosso's Sebastien Buemi.
The other drivers to take part were Button's former Brawn teammate Rubens Barrichello in a Williams, Toro Rosso's Sebastien Buemi and Renault's new signing Robert Kubica.
The fact that rookie Sebastien Buemi drove last season's Toro Rosso to the top of the timesheets on the first two days only confused the issue further.
Team principal Franz Tost defended the decision to replace Buemi and Alguersuari, saying his new duo had long been primed for their debut seasons with the team.
Red Bull boss Dietrich Mateschitz, who has two teams in F1, told autosport.com Buemi was "very likely" to be one of the drivers for junior team Toro Rosso.
Dietrich Mateschitz, who owns both teams, revealed Buemi was "very likely" to be chosen, which would leave Sato and Bourdais to fight it out for the other seat.
Hamilton swapped the lead with his team-mate Kovalainen before Buemi moved into top spot and then proceeded to slice more than half a second from his own time.
Toyota's Kamui Kobayashi, who is deputising for the injured Timo Glock, was fifth, followed by Toro Rosso's Sebastien Buemi and Red Bull's Mark Webber, winner in Brazil last time out.
There is always talk of Mark Webber retiring and either of the two Toro Rosso drivers could make worthy contenders for the "Sebastian Vettel understudy" role -- as could Red Bull reserve driver Sebastien Buemi.
Alonso's quickest lap lifted him clear of second-placed Sebastien Buemi of Toro Rosso with local hero Rubens Barrichello of Brawn GP third -- as he aims for the victory that will keep his slim world title hopes alive.
The Spaniard traded fastest lap times with team-mate Sebastien Buemi in a quiet opening half hour and improved his lap time by over six seconds, but he still finished the session in 20th position, one place behind his team-mate.
应用推荐