The Argentine is in no doubt that the Blancos icon has what it takes to coach the capital club, claiming that he can emulate what his former Spain team-mate did at Camp Nou
Raul left los Blancos for Schalke in the summer of 2010, only to move on to Al Sadd two years later, but Valdano has little doubt that the 36-year-old will return to lead the club where he retains legendary status.
"Raul is destined to become the Guardiola of Real Madrid," the former Argentina international told reporters.
"But, obviously, in his own way and with his own style. He cannot be compared to Pep.
"I have no doubts that he is readying himself for a return as coach and I can hardly wait for it. He would really add something to Madrid again."
Guardiola enjoyed a hugely successful spell in charge of Barcelona between 2008 and 2012, winning 14 major trophies with the Catalans before taking a one-year sabbatical from the game.
He returned to coaching last summer at Bayern Munich and has since guided the Bavarians to the European Supercup and the Club World Cup.