Madrid lost to Cadiz last weekend embarrassingly, while they also tumbled on their Champions League debut against Shakhtar Donetsk in midweek.
"I don't think that Zidane will be sacked if they lose," said Camacho. "He has the backing of the president and should continue, although in football you can't look back and it's quite cruel sometimes."
Madrid have captain Sergio Ramos as a doubt for the game.
"Ramos is a special player, he's breaking records and has a lot of weight in the dressing room and outside it, for his physical and human characteristics," added Camacho.
"I don't know what Real Madrid are lacking at this moment. What I see is that the strongest team right now is Bayern Munich. They finished at an impressive level last season and look like they are better than the rest."