The Real Madrid legend enjoyed a successful two-year spell at the Veltins Arena before departing for Qatari club Al Sadd, leaving a hole in his team's front line.
The Dutchman has been linked with a move to Schalke in recent weeks, and although Metzelder admitted that the club are more likely to promote their youth players, he confessed that he would like to see the Spurs man join him.
"After the departure of Raul, Van der Vaart would certainly be a top replacement," he told Bild. "But I think we are more likely to rely on an internal solution. Julian Draxler is one of the candidates, I think."
Schalke made it to the Champions League semi-finals two years ago, and qualified directly for the group stage for the upcoming season, but Metzelder admits Raul's departure could have a negative effect.
"Two years ago, making the semi-finals was insanely fun. We want to build on that. But we'll have to see how we compensate for Raul leaving," he added.
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Metzelder made 47 appearances for Germany, and the 31-year-old revealed that he feels his compatriots are capable of winning Euro 2012, and that he has been cheering on team-mates such as Benedikt Howedes as a fan.
"I believe that Germany have the necessary qualities to win the title this year," he continued. "In our country there would certainly be a warm welcome for them.
"In 2002, Benni [Howedes] would have worn my [replica] jersey. Right now, it's the other way around."
Metzelder's Schalke team-mate Kyriakos Papadopoulos is part of the Greece team that reached the quarter-finals of the competition, but the former Dortmund defender warned his colleague that their unlikely run will end against Joachim Low's side.
"'Papa' has certainly helped the Greeks surprisingly get to the quarter-finals. But, against Germany, they have no chance!" he said.