Los Blancos will enter this match off the back of a 1-0 victory over RB Leipzig in the first leg of their last-16 Champions League contest on Tuesday night.
Carlo Ancelotti's side thumped second-placed Girona 4-0 in the league last weekend, meanwhile, to open up a five-point lead at the top of the division.
Here, Sports Mole rounds up Real Madrid's injury and suspension news ahead of their clash with Rayo, who are 14th in Spain's top flight, seven points ahead of the relegation zone.
Eder Militao
Status: Out
Type of injury: Knee
Possible return date: Unknown
Militao remains on the treatment table, having suffered an ACL injury last August, but the Brazilian is on course to return over the next couple of months.
Thibaut Courtois
Status: Out
Type of injury: Knee
Possible return date: Unknown
Courtois underwent an operation on an ACL injury earlier this season, and the club's number one is currently stepping up his rehabilitation ahead of a potential return before the end of the season.
David Alaba
Status: Out
Type of injury: Knee
Possible return date: Unknown
Alaba suffered an ACL injury against Villarreal on December 17, and the Austria international will miss the remainder of the 2023-24 season.
Antonio Rudiger
Status: Major doubt
Type of injury: Thigh
Possible return date: February 18 (vs. Rayo)
Rudiger suffered a thigh problem during the clash with Getafe on February 1, and the Germany international is still struggling to overcome the issue, so he remains a major doubt for this match.
Jude Bellingham
Status: Out
Type of injury: Ankle
Possible return date: Unknown
Real Madrid will again be without the services of Bellingham this weekend due to the ankle injury that he suffered in the league clash with Girona last weekend.
Brahim Diaz
Status: Major doubt
Type of injury: Calf
Possible return date: February 18 (vs. Rayo)
Brahim is a doubt for this weekend's contest due to the calf problem that he picked up during Tuesday's Champions League clash with Leipzig.
REAL MADRID'S SUSPENSION LIST
Ferland Mendy
Status: Out
Possible return date: February 25 (vs. Sevilla)
Real Madrid will be without the services of Mendy on Sunday due to the milestone yellow card that he picked up in the four-goal success over Girona last time out.