There has not yet been an official announcement on Zidane's future, but it is thought that the Frenchman will stand down from his managerial role this summer.
Former Juventus boss Massimiliano Allegri has been strongly linked with the position in the Spanish capital, but according to Marca, Raul is the club's number one choice to step into the role next term.
The report claims that the 43-year-old, who is currently in charge of Real Madrid Castilla, is viewed as 'the natural replacement' for Zidane.
Raul made 741 appearances for Real Madrid between 1994 and 2010, scoring 323 goals, making him the club's second-highest goalscorer of all time behind Cristiano Ronaldo. body check tags ::