Reports in Spain claimed that the France international - who was pictured with heavy strapping to his right leg - was forced to withdraw from Friday's training session due to a knee complaint.
Speaking at his pre-match press conference, Ancelotti confirmed: "He [Benzema] is not available, but will recover for the next game.
"We will put out the best line-up possible to win against a team that has done well and is dangerous.
"It will not change the design of the team. He can play against Atletico."
Real welcome Malaga to the Santiago Bernabeu two points adrift of Barcelona, who host Valencia this weekend, at the top of La Liga.
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