Real Madrid president Florentino Perez has offered Raul the chance to return as a member of the technical staff.
Raul is contracted to Qatar club Al-Sadd and planned on playing for another year before retirement but Mundo Deportivo reports he is considering the President’s offer.
The claim was first made by El Confidencial, who say Perez and Raul met when Madrid travelled to Qatar to play Paris Saint-Germain in a friendly earlier this month.
Raul was offered the opportunity to work alongside former teammates Zinidine Zidane, Guti, Fernando Morientes, Ruben de la Red and Santi Solari, who are all part of the coaching set-up at the Santiago Bernabeu.
The 36-year-old left Madrid in 2010 to move to Schalke, spending two years in Germany before switching to his current employers.
Raul is the record goal scorer and appearance maker in Madrid history, netting 323 times in 741 games and winning six League titles and three Champions Leagues.