The Portugal forward, 30, will surpass Raul's record of 323 goals if he scores a hat-trick at the Bernabeu.
Ronaldo, who has netted eight times in his last two matches, has reached 321 goals in fewer than half of the games played by former Spain striker Raul.
"He is the best in the world," said Madrid manager Rafael Benitez.

Real Madrid's all-time leading scorers

Goals
 Games
 Years
Raul
 323
 741
 1994-2010
Cristiano Ronaldo
 321
 304
 2009-present
Alfredo Di Stefano
 307
 396
 1953-64
Carlos Santillana
 289
 645
 1971-88
Ferenc Puskas
 242
 262
 1958-66
Wales forward Gareth Bale is not available for the visit of mid-table Granada, having been ruled out for two to three weeks with a calf injury.
Bale, 26, limped out of Real's 4-0 Champions League win over Shakhtar Donetsk in midweek.
Benitez is also without Spain centre-back Sergio Ramos, Colombia midfielder James Rodriguez and Brazil right-back Danilo through injury.
Madrid have scored 15 goals in their last three matches, but trail arch-rivals Barcelona in La Liga by two points after drawing their opening game.