Raul stepped down as Castilla last summer, but was passed over by Real management for Xabi Alonso. His name was also not mentioned as Alvaro Arbeloa - Raul's replacement as Castilla coach - stepped up after Xabi's dismissal.
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"Raúl is one of my weaknesses. And if he hasn't gone somewhere else, it's because he didn't want to," Del Bosque said on El Larguero.
"For me, he is a coach who could have been a clear candidate to coach Real Madrid.
"I have a lot of affection for him and I don't rule out the possibility of him making a career out of it."
For the moment, Raul remains a free agent after leaving the Castilla post.