Raul is likely to finish his playing career at German side Schalke, according to his agent Gines Carvajal.
The 33-year-old Spanish striker left Real Madrid for the Royal Blues last year and made a stellar impact at the club.
Recent reports have linked him with Besiktas, however, his agent made it clear that Raul would not reunite with former Madrid team-mate Guti in Turkey.
"There is not any possibility of Raul going to play in Turkey with Guti," Carvajal told Eurosport.
"He’s very happy in Germany and after next season he will decide if he will continue playing another year in Schalke or say goodbye.
"Raul has one more year at Schalke and there is an offer for another season.
"Raul has not answered yet. He would prefer to see how he feels during next season and then he will decide. If he chooses to play one more year, he will do it in Gelsenkirchen."
He scored 13 goals in the Bundesliga last season and helped his side win the DFB-Pokal.