Carvajal is suspended for the contest due to the yellow card that he picked up against Rayo Vallecano last time out, while Vinicius, Asensio, Mariano and Benzema are all injured.
Vinicius has had his recent red card against Valencia and subsequent suspension overturned, but the Brazil international is currently dealing with inflammation in his knee.
Benzema is also out, having suffered a nasty cut to his foot against Rayo, with the Frenchman requiring stitches, so he will not be risked for the game at Estadio Ramon.
Asensio was a late substitute against Rayo, but he is now suffering with a muscular issue, while Mariano remains on the sidelines with a thigh complaint.
As a result, there are only three forwards in the squad, with Eden Hazard and Rodrygo being joined by Alvaro Rodriguez, who has scored once and provided one assist in five La Liga appearances this term.
"We want to do things well. We have Karim, Vinicius and Asensio missing but we will try to do our best. Hopefully, we can win tomorrow, the win against Rayo is good for us," Ancelotti told reporters during his pre-match press conference.
"He (Vinicius) doesn't travel because he can't play. If he could, he would play. His knee is still bothering him. Hopefully he can play the last game.
"We are going to field a team to try to win. We don't have the usual forwards. The line-up will be competitive because we still have good players."
Real Madrid are currently battling Atletico Madrid for second position in the table, currently sitting one point ahead of their rivals with two games left to play.
"In La Liga, we didn't compete until the end, until the Barcelona game where we fell further behind. Barcelona had a very good season, they made few mistakes and conceded few goals. They have had continuity and we struggled a bit to play at our level after the World Cup," added Ancelotti.
"It has not been a good La Liga and I feel bad, but the season has been good. And if I evaluate the two seasons it has been spectacular. And if I evaluate the four years, I would do it again. I have won 10 titles in four years. I'll take it and I think the club does too."
Real Madrid will end their La Liga season at home to Athletic Bilbao on June 4, and they will then not be back in action until the end of July, when their pre-season preparations will begin.
Real Madrid squad vs. Sevilla:
Courtois, Lunin, Fran; Militao, Alaba, Vallejo, Nacho, Odriozola, Vazquez, Rudiger, Mendy; Kroos, Modric, Camavinga, Valverde, Tchouameni, Ceballos; Hazard, Rodrygo, Alvaro