The Netherlands international is currently serving a four-match domestic ban following his dismissal against Hannover on January 31, but will feature against Real.
Huntelaar spent half a season at Santiago Bernabeu having joined in January 2009, before heading to Milan and latterly Schalke - where he has scored three Champions League goals this season.
He comes face-to-face with Real for a second-successive season in the competition, and the 31-year-old is keen to avoid a repeat of the 9-2 aggregate hammering Schalke suffered in 2014.
"I'm itching to get going," said Huntelaar. "I'm finally allowed to play again on Wednesday.
"We gave away the last home match against Real Madrid too easily.
"We conceded too many goals through our own mistakes. We could have made it 1-1 and lost our heads when it was 3-1. We have to do things better this time.
"We want to be able to give the fans a decent result, but we'll have to take our chances if that's going to happen."
