The Brazilian had a huge crash at Sainte Devote in final practice, hitting the left-hand barriers on the approach to the corner before sliding head-on into the armco at the turn itself.
Ferrari's initial analysis of the accident suggests it was down to driver error, after Massa locked up on a bump.
There is no indication of a mechanical problem contributing to the crash.
Ferrari is working to repair the car in time for qualifying. It estimates that Massa should be able to get out for the final minutes of Q1.
A gearbox change will be necessary, though, resulting in a penalty.
Fernando Alonso was fourth fastest in the other Ferrari in practice three.