Los Blancos were not in action over the weekend, as their La Liga clash with Valencia was postponed due to the devastating floods in Spain, with their last game therefore proving to be the 4-0 loss to Barcelona in El Clasico.
Real Madrid are currently concerned by Antonio Rudiger's knee problem, with the Germany international having some pain, but he was expected to be fit against Valencia and should therefore be in the XI here.
The capital giants will have four players absent for this match, with Thibaut Courtois, David Alaba, Rodrygo and Dani Carvajal unavailable for selection.
Andriy Lunin will continue between the sticks due to Courtois' absence, while Ancelotti is facing a major decision in midfield, with Modric being tipped to earn a starting role.
Real Madrid struggled for control during El Clasico, and Modric could therefore be given the nod over Aurelien Tchouameni in the middle of the midfield for the European contest.
Meanwhile, Rodrygo's absence should mean that Jude Bellingham operates in the number 10 position behind Kylian Mbappe and Vinicius Junior.
Real Madrid possible starting lineup: Lunin; Vazquez, Militao, Rudiger, Mendy; Valverde, Camavinga, Modric; Bellingham; Vinicius, Mbappe
Monaco 
Stade Brestois 29 
Bordeaux 
Nimes 
Bayern Munich 
FC Augsburg 
Paris Saint Germain 
Toulouse 
CSKA Moscow 
FC Rostov 
Leicester 
Chelsea 
Valencia 
Betis 
Dynamo Kyiv 
Chornomorets Odesa 
Verona 
Inter 
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FC Heidenheim 
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Union Berlin 
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Nottingham Forest 
Everton 
Brentford 
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Groningen