Los Blancos were without the services of Carvajal against Alaves on Tuesday due to the minor issue that he picked up in the 4-1 success over Espanyol last weekend.
Camavinga, meanwhile, has not made a single appearance for the Spanish and European champions this season, as he suffered a knee injury ahead of the UEFA Super Cup against Atalanta BC.
According to journalist Mario Cortegana, Carvajal has now returned to training and will be available to start at right-back against Diego Simeone's side this weekend.
Camavinga, meanwhile, was also able to take part in some of Thursday's session.
Carvajal, Camavinga expected to be in Real Madrid squad for Madrid derby
Cortegana claims that Camavinga will take part in a full session on Friday, and a final decision on his involvement against Atletico will then be made on Saturday.
However, the expectation is that the France international will be available, with the midfielder likely to start on the bench due to his lack of football during the 2024-25 campaign.
Real Madrid will be without the services of a certain Kylian Mbappe, though, with the Frenchman out until after the October international break due to a thigh issue which he suffered against Alaves.
David Alaba remains unavailable due to a long-term knee problem, while Dani Ceballos and Brahim Diaz are also still in the treatment room for Real Madrid, who are second in the La Liga table, four points behind the division leaders Barcelona.
How are Real Madrid expected to line up in the Madrid derby?
Mbappe's absence is expected to lead to head coach Carlo Ancelotti changing formation this weekend, with the Italian likely to line the team up in a 4-3-1-2 formation.
For the majority of last season, Jude Bellingham played behind a front two of Vinicius Junior and Rodrygo, with the team enjoying huge success, and that is expected to occur on Sunday.
Luka Modric would be the player to benefit in terms of a start, with the Croatian set to operate alongside Aurelien Tchouameni and Federico Valverde in the middle.
Carvajal will replace Lucas Vazquez in the side, but the likes of Endrick and Arda Guler are again expected to be on the bench against Atletico despite claims that they were being considered as potential starters.