"It's difficult because you always want to go when you are playing at the highest level," the former Spain international and club captain told Wednesday's Marca newspaper.
"At the moment, I have pencilled in 2011," he added.
"Six months before that, in December or January, it will be the moment to analyse the situation and see if it's of benefit for the club and for me to carry on."
Raul, who will be 32 in June, recently broke Alfredo di Stefano's Real club scoring record of 307 goals and is also the leading scorer in the Champions League with 64 goals.
He told Marca he would consider moving with his family to America and playing there once his career at Real ended.
"As an experience, not just for me but also for my family, I could try to play a year probably in the United States," he said. "If I did it, it would be for the experience. If not, it's clear that I will finish my career here (at Real)."
One day becoming a coach was also an option, he added.
"Yes, sure, it could be one of the possibilities. But my future will in any case be linked 90 percent to football and to Real Madrid."
Raul is likely to be in the starting lineup for Wednesday's Champions League match against Liverpool at the Bernabeu and is within two goals of Gerd Mueller's record of 66 in the three main European club competitions.
