The Costa Rica international has been given the iconic shirt, with new signing and fellow goalkeeper Kiko Casilla taking No.13.
Keylor Navas has inherited Iker Casillas' No.1 jersey at Real Madrid.
Casillas ended his 25-year association with the club last week when he joined Porto and it was expected Madrid would then move for Manchester United keeper David De Gea.
However, Madrid has subsequently re-signed former academy product Kiko Casilla from Espanyol for 6 million euros ($6.5 million), while Navas has taken the coveted No.1 jersey for the 2015-16 campaign.
Casilla, meanwhile, will wear 13, the same number he had at Espanyol.