The Spain international recently resumed regular training action after a lengthy spell on the sidelines following a thumb injury, but Karanka has warned against rushing him back to action too quickly.
"Iker was given the medical all-clear last week, but he is not ready to make his return just yet. He will not be in the squad," Karanka said at a press conference. "He will get the green light to make his comeback as soon as he's 100 percent again, just like any other player."
Karanka then went on to dismiss reports that Jose Mourinho has sent Paris Saint-Germain coach Carlo Ancelotti a video with information about how Madrid beat Barcelona earlier this season, adding that he feels the Blancos are on the right track for the final stage of the season.
"Mou sharing info about Barca with Ancelotti? That's just ridiculous..." Karanka said. "Madrid are on the right track and we have to keep up our current form. We're lucky that our players didn't pick up any injuries while away on international duty."