Spanish veteran striker Raul is to quit German side Schalke 04 at the end of the season after two years with the club which he joined after more than a decade of trophy-laden years at Real Madrid, Schalke said on their website.
"It is an important decision not just for the club but also for the whole Bundesliga: Raul is to quit Schalke 04," a statement read.
Raul himself was later due to give a press conference.
The 34-year-old arrived in German in the summer of 2010 after averaging close on a goal every two games in 741 appearances with Real, with whom he won three European Cups.
With Schalke he has netted 27 times in 63 league appearances and 33 times in all - including five in the Champions League.
Earlier this season he scored his 400th career goal in a 4-0 home romp over Wolfsburg.