With Nacho and Toni Kroos having departed the Bernabeu in the summer, the right-back has taken on extra seniority at the club.
Aside from a year at Bayer Leverkusen, Carvajal has spent his entire career at Los Blancos, making a total of 423 appearances in all competitions.
As many as 41 outings were made during 2023-24, Carvajal lifting the La Liga title and Champions League trophy before impressing for Spain during their successful Euro 2024 campaign.
Despite enjoying one of the best years of his career, the 32-year-old now has less than 12 months remaining on his existing terms.
Relevant parties moving closer to agreement?
In recent weeks, Carvajal has been quizzed on how he views his future, admitting that he is prepared to commit himself to Real Madrid if the opportunity arises.
As per Fabrizio Romano on his Daily Briefing podcast, it is increasingly likely that the relevant parties will reach an agreement.
Romano suggests that only formalities need to be completed for Carvajal to be confirmed as a Real player past the end of this season.
Theoretically, he would have been in a position to hold discussions with foreign clubs had he not been prepared to pen fresh terms before the turn of the year.
Nevertheless, his undivided loyalty to Real has never been in question, the player revealing that he sees a new challenge on a different continent as being more likely than a spell at another Spanish or European club.
Carvajal makes fast start to season
President Florentino Perez will recognise the importance of tying Carvajal down to a new contract with fellow veteran Lucas Vazquez now 33 years of age and also having less than 12 months left on his current deal.
There has been talk of Real chasing a younger replacement such as Trent Alexander-Arnold or Reece James, with Vazquez eventually being allowed to leave.
Carvajal has already shown this season, though, that he is still at the top of his game, making six outings in La Liga and the Champions League despite his efforts for his country during the summer.
As vice-captain to Luka Modric, Carvajal is donning the armband on a regular basis given that the skipper has just turned 39 years of age.