The Uruguay international headbutted Sami Khedira's upper arm in an aerial challenge and came off second best; requiring treatment after just eight minutes had been played at the Vicente Calderon.
Atletico later revealed Godin, 28, suffered a nasal fracture, but cleared the defender of any long-term damage - meaning he should be fit to take his place for Atletico's trip to Celta do Vigo on February 15.
"The Uruguayan suffered a nasal fracture, reduced and plugged in the first half of the game against Real Madrid," an update on Atletico's website read.
"The player took a blow in a high ball disputed with Khedira. Godin underwent a CT scan that determined there will be no need to operate."
Godin played out the 90 minutes on Saturday after treatment but will wear a protective mask at Celta.
The heavy victory took a toll on Diego Simeone's men, with Koke (left hamstring) and Saul (left knee) failing to complete the match due to injury.
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