Alaba picked up a serious knee injury towards the end of last year, and the Austria international will not be available for selection until the 2024-25 campaign.
Tchouameni, meanwhile, suffered a foot injury during Real Madrid's 2-1 victory over Bayern Munich in the second leg of their Champions League semi-final on Wednesday night.
The France international will miss the end of the La Liga season and faces a fight to be available for the Champions League final against Borussia Dortmund on June 1.
Alaba, Tchouameni are on the sidelines for Real Madrid
There are no other first-team absentees for Real Madrid, but with the La Liga title already secured, head coach Carlo Ancelotti has confirmed that he will make changes to his usual XI against Granada, who could be relegated this weekend.
Los Blancos will face Granada, Alaves, Villarreal and Real Betis in their final four league matches of the campaign before taking on Dortmund in the Champions League final at the start of next month.
"We have to do a lot of things. We are playing tomorrow and we have to respect our opponents and the competition. These matches will help us prepare for the final. I will make rotations, but everyone will play," Ancelotti told reporters during his press conference.
"It's been a very demanding season. I will give rest days after the games."
Ancelotti also confirmed that Thibaut Courtois and Eder Militao would both start against Granada, with the pair working their way back from long-term knee problems.
Ancelotti insists Bellingham is "fine"
Jude Bellingham is believed to have had a painkilling injection in his knee before taking to the field against Bayern in the Champions League on Wednesday night.
The England international has also recently been absent due to illness, but Ancelotti has insisted that the ex-Birmingham City youngster is "fine".
"He's fine, he's going to rest like everybody else, he doesn't need more or less than the others. I'm going to rotate in these four games, he's going to get in these rotations," said the manager.
The 20-year-old has scored 22 goals and registered 10 assists in 39 appearances for Los Blancos this season following his arrival from Dortmund during last summer's transfer window.
Real Madrid squad vs. Granada:
Courtois, Lunin, Kepa; Carvajal, Militao, Nacho, Vazquez, F Garcia, Rudiger, Mendy; Bellingham, Kroos, Modric, Camavinga, Valverde, Ceballos, Guler; Vinicius, Rodrygo, Joselu, Brahim
Poland 
Netherlands 
Slovenia 
Denmark 
Oviedo 
Espanyol 
Serbia 
England 
Romania 
Ukraine 
Belgium 
Slovakia 
Austria 
France 
Turkey 
Georgia 
Portugal 
Czech Republic 
Croatia 
Albania 
Germany 
Hungary 
Scotland 
Switzerland 
Spain 
Italy