Valencia had requested for La Liga to postpone the match due to to the devastating flash floods in Spain, with at least 95 people said to have been killed by the disaster, while dozens more are missing due to the huge rains in the eastern province of Valencia.
Spain's Prime Minister Pedro Sanchez has declared three days of national mourning, and it has now been confirmed that Real Madrid's clash with Valencia has been postponed, in addition to Saturday's La Liga game between Villarreal and Rayo Vallecano.
Three other fixtures in the Segunda Division have also been called off, including Levante's fixture with Malaga.
"The matches scheduled for this weekend in the Valencian Community have been postponed," read a statement from the RFEF. "It has been agreed to postpone matches that were to be played in professional and non-professional competitions, both in 11-a-side football and in indoor football.
Devastating floods cause postponement of matches in the Valencian region
"The sole judge for professional competitions and the sole judge for non-professional competitions of the RFEF have agreed this Thursday to postpone various matches that were to be held this weekend in the Valencian Community, seriously affected by the DANA that has caused fatalities and numerous material damages due to flooding.
"In the case of professional football, and after receiving yesterday's request from LaLiga and Liga F - at the request of several clubs involved - the matches of matchday 12 of the First Division and matchday 13 of the Second Division that were to be played in the Valencian Community this weekend have been postponed by decision of the sole Judge of Professional Competitions.
"These are the matches, Villarreal CF-Rayo Vallecano, Valencia CF-Real Madrid, CD Castellon-RC Ferrol, CD Eldense-SD Huesca and Levante UD-Malaga CF.
"Beyond the postponements, Spanish football has wanted to show its solidarity with those affected, especially with the relatives of those who have died in this natural disaster; and, for this reason, all the matches played yesterday in competitions organised by the RFEF were preceded by respectful minutes of silence. This circumstance will be repeated over the weekend."
When are Real Madrid back in action?
Real Madrid's next match will therefore be against AC Milan in the Champions League on Tuesday evening, before welcoming Osasuna to Bernabeu in Spain's top flight next weekend.
Barcelona will be able to open up a nine-point lead over their rivals at the top of the La Liga table when they welcome Espanyol for the Catalan derby on Sunday afternoon.