Raul has decided not to extend his contract with Schalke and will leave Gelsenkirchen at the end of the season.
In-form Schalke frontman Klaas-Jan Huntelaar has hailed the longevity of strike partner Raul, and revealed a decision about his own future will be made "in the coming weeks".
Schalke president Clemens Tonnies is confident Spanish forward Raul will sign a new contract to prolong his stay at the club.
Al Wasl coach Diego Maradona has rejected reports that he is trying to lure Chelsea striker Didier Drogba and Schalke veteran Raul to the United Arab Emirates.
Klaas-Jan Huntelaar has moved to quell speculation linking him with a move to Manchester United by stating he would be open to holding talks with his current club Schalke over a new deal.
Bernd Schuster has hailed Schalke striker Klaas-Jan Huntelaar as a clone of Netherlands legend Marco van Basten.
Schalke have terminated the contract of midfielder Albert Streit with immediate effect.
Ralf Rangnick has left his position as Schalke coach due to health reasons.
Schalke left it late to make Teemu Pukki their final signing of the summer, squeezing in the registration of his contract with the German Football Association just before Thursday's transfer deadline.
Blackburn Rovers boss Steve Kean believes there is still hope the club could sign Schalke striker Raul.
Schalke boss Ralf Rangnick says Raul has not asked to leave the club and there have been no enquiries for his services.
Blackburn Rovers have made an official approach for unsettled striker Raul, Schalke have confirmed.
Schalke 04 have revealed that Dutch striker Klaas-Jan Huntelaar will not be joining Rubin Kazan.
Wolfsburg began the 2011-12 Bundesliga campaign in convincing fashion as they slayed FC Cologne 3-0 on Saturday.
Bayern Munich have confirmed they have agreed a deal with Schalke to sign goalkeeper Manuel Neuer.
Schalke sporting director Horst Heldt has revealed his admiration for Ajax goalkeeper Maarten Stekelnburg, fuelling speculation that the Netherlands No. 1 could be a summer target for the Germans.