Carvajal remains on the sidelines due to a muscular problem, while Vazquez is out with the ankle injury that he suffered during the semi-final of the Spanish Super Cup against Valencia.
Tchouameni continues to nurse a calf issue and will not feature in the Madrid derby, while Hazard is out with the ankle injury that he suffered ahead of the league game with Athletic Bilbao last weekend.
There is some positive news on the injury front, though, with David Alaba being passed fit to feature.
The Austria international has missed his side's last four matches due to a calf injury, but he has been confirmed as a starter against Atletico at Bernabeu.
"Alaba will play tomorrow. Tchouameni, Hazard, Carvajal and Lucas are out," Real Madrid boss Carlo Ancelotti told reporters during his pre-match press conference. "Tchouameni will be available for Sunday's match."
The Italian has also revealed that Nacho will continue at right-back due to the absences of Carvajal and Vazquez in that area of the field.
"Nacho? He can play everywhere and he always does it very well. Of course he prefers to play as CB and I know it. That's why he will start as right-back tomorrow," he added.
Ancelotti has named an experienced squad for the cup fixture, although there are also spots for youngsters Sergio Arribas and Mario Martin.
"Tomorrow's game will be very special. A derby is always special. We are happy and can't wait to play at the Santiago Bernabéu again after so long," said the Real Madrid boss when asked about the Atletico fixture.
Ancelotti is expected to recall both Luka Modric and Toni Kroos into his starting side against Atletico, with the pair named on the bench against Athletic in the league last time out.
Rodrygo is also an option in the final third of the field, although Federico Valverde is again likely to play in a front three with Karim Benzema and Vinicius Junior.
Real Madrid squad vs. Atletico Madrid:
Courtois, Lunin, Lopez; Militao, Alaba, Vallejo, Nacho, Odriozola, Rudiger, Mendy; Kroos, Modric, Camavinga, Valverde, Ceballos, Martin, Arribas; Benzema, Asensio, Vinicius, Rodrygo, Mariano