Los Blancos have the chance to rise back to the summit with a victory, while Alaves could move six points clear of the relegation zone if they claim a major scalp on home soil.
Match preview
Since beating Granada 3-1 at the end of November, Alaves have failed to win any of their first three La Liga games in December, with a goalless stalemate versus Mallorca followed by back-to-back defeats without reply against Las Palmas and Girona.
Luis Garcia labelled his side's 3-0 defeat at Girona on Monday as their "worst game of the year" and their wait to win a La Liga match away from home for the first time since October 2021 goes on.
Los Blanquiazules currently sit 13th in the top-flight standings, but they are only there points clear of the relegation zone and are one of a number of clubs in a congested survival battle; a victory on Thursday in their final home league fixture of 2023 may not even be enough to help them climb the table as they sit three points adrift of Osasuna in 12th.
Nevertheless, Alaves will welcome a return to Mendizorroza where they have picked up 13 of their 16 points across 17 La Liga games so far this season, including seven points accumulated across their last four home fixtures.
Success against Spanish juggernauts Real Madrid could prove challenging, though, as they have lost 15 of their last 17 meetings in the top flight; Los Blancos are also the opponent Alaves have suffered the most defeats (28) and conceded the most goals (92) against in their top-flight history.
Eight months on from losing 3-2 at home to Villarreal, Real Madrid got their revenge over the Yellow Submarine and extended their unbeaten run at the Santiago Bernabeu to 19 games across all competitions when they claimed a 4-1 victory on Sunday.
Goals from Jude Bellingham, Rodrygo, Brahim Diaz and Luka Modric helped Los Blancos cruise to a convincing win and move seven points clear of reigning La Liga champions Barcelona in third, but surprise package Girona are still leading the way at the top by two points.
Real Madrid have won 13, drawn three and lost just one of their 17 league games this season, and manager Carlo Ancelotti can take plenty of positives from his side's strong start considering the absence of a number of key players through injury.
Only Girona (22) have picked up more away points in La Liga so far this season than Los Blancos (20), who head into Thursday's clash with Alaves having won seven of their last eight top-flight visits to Mendizorroza, scoring 24 goals in the process.
Real Madrid have indeed enjoyed their recent trips to the Basque County as they have lost just one of their previous 14 such visits in La Liga - a 2-0 defeat to Real Sociedad in May - so Ancelotti's side will be confident of securing maximum points against Alaves as they seek to end 2023 on a high.
Alaves La Liga form:
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Alaves form (all competitions):
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Real Madrid La Liga form:
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Real Madrid form (all competitions):
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Team News
Alaves duo Aleksandar Sedlar and Giuliano Simeone both remain sidelined as they continue to recover from respective ACL and ankle injuries.
However, Abdel Abqar is available to return after serving a suspension on Monday and the defender could replace Nahuel Tenaglia in the first XI as Garcia ponders whether to stick with a back three used against Alaves.
Andoni Gorosabel and Javi Lopez may continue to operate as wing-backs as Ander Guevara and former Real Madrid youngster Antonio Blanco link arms in centre-midfield, while 34-year-old Kike Garcia will be looking to force his way back into attack at the expense of 19-year-old Samu Omorodion.
As for Real Madrid, David Alaba is set to miss the rest of the season after tearing his ACL against Villarreal, and the defender joins Thibaut Courtois, Eder Militao, Eduardo Camavinga (all knee), Dani Carvajal (calf), Vinicius Junior (thigh) and Arda Guler (muscle) in the treatment room.
Ferland Mendy is doubtful with a thigh injury picked up last weekend, so Fran Garcia could deputise at left-back, while Nacho Fernandez is expected to take the place of Alaba at centre-back alongside Antonio Rudiger.
Former Alaves striker Joselu, who scored 36 goals during his three year spell at the club between 2019 and 2022, will be pushing to start in the Los Blancos attack ahead of Brahim Diaz, while Rodrygo is set to retain his spot in the final third.
Alaves possible starting lineup:
Sivera; Abqar, Marin, Duarte; Gorosabel, Guevara, Blanco, Lopez; Sola, Omorodion, Rioja
Real Madrid possible starting lineup:
Kepa; Vazquez, Rudiger, Nacho, Garcia; Valverde, Kroos, Modric; Bellingham; Diaz, Rodrygo
We say: Alaves 0-2 Real Madrid
Alaves boss Garcia is seeking major improvements from his side following their below-par performance against Girona last time out, but keeping a rampant Real Madrid outfit quiet on Thursday will be a tall order.