Bayer are seeking a new coach after sacking Erik ten Hag following just three games into the new season.
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Raul, says TMW, is now being discussed inside Bayer's boardroom as they consider going back to a 'Xabi Alonso-style' appointment.
Raul is currently a free agent after leaving the Castilla job at the end of last season. He has past Bundesliga playing experience and has long been linked with a return to former club Schalke.
Now Bayer are weighing up making an offer to Raul.
However, the Real great isn't the only candidate, with Edin Terzic and Marco Rose also being discussed.