The Spanish attacker has made the decision not to extend his expiring deal at the Gelsenkirchen side, and will leave the Bundesliga club as a free agent in the summer
The 34-year-old has an expiring contract at the Gelsenkirchen side, and has made the decision not to renew his existing deal.
Raul joined Schalke from Real Madrid in the summer of 2010 and immediately became an important first team player at the German side, guiding the Konigsblauen to DFB Pokal glory and the semi-finals of the Champions League.
He has made 63 Bundesliga appearances for Schalke so far, scoring 27 goals in the process.
A press conference is scheduled to take place later this afternoon where more information about Raul's imminent departure will be disclosed.