A test that will hark back to the iconic days of Michael, who won five of those seven titles in Ferrari machinery, while the younger Schumacher has previously driven Ferrari machinery in demonstration runs, this is the first since being confirmed with Haas.
Sainz will get one-and-a-half days behind the wheel of the Ferrari SF71H, with his outings scheduled for all of Wednesday and Thursday morning.
Sainz joined Ferrari from McLaren for this season but was prevented from appearing for his new team at the test which followed the 2020 finale, the Abu Dhabi GP, in December.
Charles Leclerc, who is set for his third season with the team, will test the vehicle on Tuesday.
The Fiorano running will also feature five drivers from the Ferrari Driver Academy, with Monday set to be split between Giuliano Alesi, Marcus Armstrong and Robert Shwartzman, all of whom raced in F2 previous year.
Alesi and Armstrong are yet to drive a F1 vehicle, which makes it a very special prospect for both of them. According to the regulations, a vehicle from two years or older may be used for testing, so the 2019 auto could also be used.
Mick Schumacher will test the 2018 Ferrari on Thursday and Friday morning, before handing it to the official Ferrari test driver for the season, Callum Ilott.