From Rorate's Roman sources:
He is said to have already had a decree prepared similar, in tone and content, to the one that Pope John Paul II had promulgated through Cardinal Bernardin Gantin,* Prefect of the Congregation for Bishops, on July 1, 1988.
The decree would declare the excommunication incurred ipso facto by the consecrating bishops and the bishops being newly consecrated, and would denounce these consecrations as a "schismatic act," calling upon priests and the faithful not to give their assent to it.
There are no plans for the Pope to receive Fr. Davide Pagliarani, Superior-General of the SSPX, beforehand.
Naturally, circumstances may change in the upcoming months, but this is how things stand now.
______________
*For your reference, the following is the text of the 1988 decree:
CONGREGATION FOR BISHOPS
DECREE
Monsignor Marcel Lefebvre, Archbishop-Bishop Emeritus of Tulle, notwithstanding the formal canonical warning of June 17 last and the repeated appeals to desist from his intention, has performed a schismatical act by the episcopal consecration of four priests, without pontifical mandate and contrary to the will of the Supreme Pontiff, and has therefore incurred the penalty envisaged by Canon 1364 §1, and Canon 1382 of the Code of Canon Law.
Having taken account of all the juridical effects, I declare that the above mentioned Archbishop Marcel Lefebvre, and Bernard Fellay, Bernard Tissier de Mallerais, Richard Williamson, and Alfonso de Galarreta have incurred ipso facto excommunication latæ sententiæ reserved to the Apostolic See.
Moreover, I declare that Archbishop Antonio de Castro Mayer, Bishop Emeritus of Campos, since he took part directly in the liturgical celebration as co-consecrator and adhered publicly to the schismatical act, has incurred excommunication latæ sententiæ as envisaged by Canon 1364 §1.
The priests and faithful are warned not to support the schism of Archbishop Lefebvre, otherwise they shall incur ipso facto the very grave penalty of excommunication.
From the Office of the Congregation for Bishops, July 1, 1988.
Bernardinus Card. Gantin
Prefect