Today the hearing is supposed to happen, that is, when people explain everything and questions are asked.
I'm not sure when the official answer will be given. That could be today or in a few days.
I don't think there's any chance that Italy or any other external team would qualify. The only possible outcome is for the matches played by Ecuador to be forfeited. In that case, Chile would classify.
As far as I know, it is extremely rare for the FIFA appeals committee to overturn a ruling by the FIFA disciplinary committee. And back in June 10, the disciplinary committee had ruled in favor of Ecuador. We can expect a verdict within this week itself (probably within the next 24 hours). The hearing is being conducted from Zurich by a 3-judge bench, and is done remotely. The problem is that the ruling may not be final. If either Chile or Ecuador lose, they can still make another appeal to the Court of Arbitration for Sport (CAS).