The 19-year-old Varane, who was called up last August but did not play in a friendly against Uruguay, was impressive in Real's 1-1 draw against Barcelona in the Copa del Reyon Wednesday, scoring a late equaliser after a fine defensive performance.
Stade Rennes midfielder Romain Alessandrini had his great start to the season rewarded by his first call-up, while centre back Mapou Yanga-Mbiwa, who left Montpellier to join Newcastle United last week, was not included on the list.
Three Newcastle United players, though, were named: defender Mathieu Debuchy and midfielders Moussa Sissoko and Yohan Cabaye.
Goalkeepers: Mickael Landreau (Bastia), Hugo Lloris (Tottenham Hotspur), Steve Mandanda (Marseille)
Defenders: Gael Clichy (Manchester City), Mathieu Debuchy (Newcastle United), Patrice Evra (Manchester United), Laurent Koscielny (Arsenal), Adil Rami (Valence), Bacary Sagna (Arsenal), Mamadou Sakho (Paris St Germain), Raphael Varane (Real Madrid)
Midfielders: Yohan Cabaye (Newcastle United), Etienne Capoue (Toulouse), Maxime Gonalons (Lyon), Blaise Matuidi (Paris St Germain), Moussa Sissoko (Newcastle United), Mathieu Valbuena (Marseille)
Forwards: Romain Alessandrini (Stade Rennes), Karim Benzema (Real Madrid), Olivier Giroud (Arsenal), Bafetimbi Gomis (Lyon), Jeremy Menez (Paris St Germain), Franck Ribery (Bayern Munich)