He's definitely not coming to Liverpool or the EPL
"At nearly 35 years of age, and following nearly 20 years of football at the highest level, Raul is prepared to take a new step not only in his career, but in his life. When asked whether participation in the Champions League had tempted him to extend with Schalke, he replied that there were "other factors," citing his desire for more time with his family as he revealed that he will move to a less competitive league."
A less competitive league, the EPL is not. Seems he could go back to Spain perhaps in their lower league or even opt for what alot of older stars are doing not, MLS.