The demonstration run will take place as part of the build-up to this year's Nurburgring 24 Hours.
The world champion thrust his Red Bull to the front amid spectacular early dicing, then left the action behind.
Sebastian Vettel got closest for Red Bull with a 1m32.584s, just ahead of Fernando Alonso's Ferrari.
Raikkonen's pacesetting lap of 1m34.154s in his Lotus came just after the halfway point.
Nico Rosberg had been fastest for Mercedes prior to the Ferraris' laps, and retained third, 0.134s off the pace.
Kovalainen raced for the team in the previous three seasons but was dropped at the end of last year.
The Frenchman had to contend with charges from Mads Ostberg and Dani Sordo over the first two days.
Kimi Raikkonen and Lewis Hamilton completed the podium, with Vettel fourth.
Kimi Raikkonen's Lotus will join Hamilton on the front row ahead of Fernando Alonso's Ferrari.
Mercedes and Ferrari take the limelight away from Red Bull.
The Indian driver will drive for reigning GT Masters champions MS Racing.
One lucky winner gets a Castrol EDGE sponsored all-expenses-paid trip to watch the Malaysian Grand Prix 2014.
"I should have understood, that is why I apologised to the team"
Rossi had only qualified sixth but jumped to fourth on the first lap.
The former HRT Grand Prix driver competed in last month's Monza opener after agreeing a late one-round deal to drive ...
The Indian driver has signed up with the Murphy Prototypes LMP2 squad for 2013 edition of the event.
Chandhok and his team-mate Jan Seyffarth had started in 11th position after a damp qualifying session
The squad will continue using the German firm's engine, tranmission and KERS systems after new regulations come in fo...
The Bangalore rider will make his debut at the Abu Dhabi desert challenge in April.
Chandhok will pilot a Mercedes SLS AMG for German team Seyffarth Racing.
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