James Rodriguez is not expected to be fit in time for the clasico against Barcelona on March 22.
James fractured a metatarsal on Feb. 4 during the Sevilla match and underwent an operation the following day.
The Colombia international was given an estimated recovery time of two months, with doctors predicting he would be able to return to action on April 14 or 15 -- the Champions League quarterfinals.
To date, the midfielder has missed the Champions League last-16 first leg with Schalke and five Liga matches.
Speaking at a dinner at the Presidential Palace in Colombia in honour of Juan Manuel Santos, international teammate Carlos Bacca said: "James is fine, he is in good spirits and he is in no rush to speed up his recovery process.
"He says that these kinds of injuries take their time to heal and can be difficult because you can be tricked into thinking you are progressing quicker than you are -- you gain a week in the recovery time then suddenly, you're four weeks behind schedule."
James is reported to have pencilled in the first week of April for a return to first-team training.
Los Blancos are currently top of La Liga, holding a two-point lead over Barca with 13 matches still to play. The rivals face one another at Camp Nou later this month.