England international Sterling has missed City's last two games with a hamstring injury, while Laporte left the field before the hour mark in Saturday's 1-0 win against Leicester City.
However, both players have been included as part of the Premier League champions' 22-man travelling party for the clash at the Santiago Bernabeu.
Leroy Sane was thought to be in contention after returning to training last month, but the winger did not make the trip to the Spanish capital on Tuesday.
Madrid also named their 19-man squad on the eve of the match, with Gareth Bale returning to the fold after sitting out Saturday's 1-0 loss at Levante through illness.
Eden Hazard misses out on selection after sustaining a potentially season-ending ankle injury in the same match, but striker Luka Jovic is back involved.
Zinedine Zidane's men head into the game on a run of one win in their last four matches, while City have won back-to-back games.