Madrid, who clinched their 32nd Spanish league title earlier this month, are just one win away from achieving their target of becoming the first La Liga side to reach 100 points in a season.
Madrid's previous best tally was 96 two years ago, although that was still three points shy of Barca's 99, and on home turf at the Bernabeu on Sunday night they will be eager to snatch the record from their great rivals.
Former Madrid winger Figo believes Jose Mourinho's men - currently on 97 points - have what it takes to reach three figures and cap a breathtaking season that has also seen the club smash 101 goals at the Bernabeu alone.
"Taking 100 points would be historic and it motivates the team extra, but the most important thing was winning the league title," said Figo, who won the Champions League and two La Liga titles during his time at Madrid between 2000 and 2005.
"Real Madrid have had a spectacular run in La Liga and I'm glad I've been able to enjoy such a year.
"They continue to win league titles and that's what matters most. Their season has been spectacular and they're setting new records. This is the result of excellent work."
Current Madrid playmaker Mesut Ozil believes the club's league title win is just reward for all their hard work this season.
The title was the Germany international's first domestic league winner's medal, and he told Kicker: "I will never forget this championship and the celebrations afterwards.
"We have been rewarded for a year of hard work. We are a team, not just 11 players.
"I try to contribute the maximum I can to Real Madrid and I feel proud of this achievement."
Sunday's opponents Mallorca could round off their excellent end to the season by qualifying for the Europa League should they beat Madrid, and captain Ivan Ramis believes they can shock the champions.
Mallorca have won four games on the bounce to gatecrash the battle for the European berths, and Ramis told his club's website: "We have won four consecutive games. With the tranquillity brought by being safe we have seen a change in the team's play. We are more relaxed and keep the ball well.
"Why should we not think about winning? They already have everything done and they have many internationals that may be concerned about getting injured [ahead of Euro 2012].
"We can take advantage of that and win."