The France international has been unavailable for selection in the early stages of the 2024-25 campaign due to a knee injury that he suffered ahead of the UEFA Super Cup last month.
Camavinga has stepped up his recovery over the last couple of weeks, though, and he is now in line to make his first appearance of the campaign in the Madrid derby at Wanda Metropolitano.
Dani Carvajal has also returned, with the right-back overcoming the knock that forced him to miss the team's 3-2 success over Alaves last time out.
However, Kylian Mbappe is a notable absentee, with the Frenchman sidelined due to a thigh problem, while David Alaba, Brahim Diaz and Dani Ceballos are also out through injury.
Camavinga returns to Real Madrid squad against Atletico
"Camavinga is available and can play 90 minutes or zero minutes," Real Madrid head coach Carlo Ancelotti told reporters during his pre-match press conference.
"Tomorrow will be the same as always. A complicated match against a very difficult opponent. It will be hard fought and very entertaining, with lots of goals because both teams have players with a lot of quality and it will be a spectacle.
"It's a difficult match but every match has its own story. It's very difficult to predict what will happen tomorrow. We have a plan and let's see if it goes well.
"The team has improved compared to the last game. In the last few games, we have been more solid, more compact and more effective. We've scored a lot of goals and we're on the right track. Tomorrow is a very important test.
"The match against Atletico is special because it's a derby. My assessment of Atletico is that they have improved a lot because they have signed a lot and I think they are going to fight until the end for this league with us and with Barcelona."
Real Madrid are currently second in the La Liga table, four points behind the leaders Barcelona, who are in action on Saturday night against Osasuna.
Real Madrid squad vs. Atletico Madrid:
Courtois, Lunin, F Gonzalez; Carvajal, Militao, Vazquez, Vallejo, F Garcia, Rudiger, Mendy, Jacobo; Bellingham, Camavinga, Valverde, Modric, Tchouameni, Guler; Vinicius, Rodrygo, Endrick