Damage was caused to the nearby Europa tower, as high up as the 22nd floor, as well as the Real Madrid trophy room.
Upto nine people are reported to have been injured in the blasts.
"When it happened I was just passing in front of the Europa Tower when I felt a shockwave in my car," Joaquin Maroto told Telemadrid.
"I looked in the side mirror and I saw a column of smoke. I didn't see many people on the pavement but if it had happened 50 metres closer it would have been a massacre.
"We don't know yet (if the match will be postponed). There haven't been any deaths apart from the scare and this new attack on our country. If there haven't been any personal losses we can continue."
Basque seperatist group ETA have claimed responsibility for the twin attacks, according to early reports.