The former Blancos favorite has urged the Portuguese to remain at the Santiago Bernabeu and gave his thoughts on the pursuit of Gareth Bale
The former Blancos forward will grace the Santiago Bernabeu pitch for what is likely to be the final time as his current employer, Qatari outfit Al-Sadd, faces Madrid in a friendly.
And after being quizzed about the future of the Portugual star ahead of his homecoming, Raul admitted Ronaldo has been the best signing the club has made in recent times and hopes he remains in the Spanish capital.
He told Marca: "I hope Cristiano continues. He has been the best investment by Madrid in recent years. He's really hungry, not tired of winning and hopefully he can renew and continue, all Madridistas would be very happy."
The 36-year-old also gave his backing to Madrid's pursuit of Tottenham winger Gareth Bale and hailed the Wales international as a player every side in world football would love to have at its disposal.
"He's a dominating player, makes a difference and behind Cristiano and [Lionel] Messi is a player who comes with drive," he added.
"All clubs would like to have him in their ranks. It seems that Real Madrid is going to make a big effort and if so everyone in Madrid will be happy and will enjoy a lot of his game."
Raul's contract in Qatar expires in one year and he admits he has considered returning to Los Blancos in a non-playing capacity.
"At the moment I'm a player and I feel good, I have one more year of contract, then I'll take the most appropriate decision. Going back to Real Madrid is in my thoughts. If I think I can bring something to the club I will be happy."