Raul linked with New York switch
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The 32-year-old has been lined up as a summer recruit for Red Bulls, with Raul no longer able to command a regular starting spot at Real.
He is under contract at the Santiago Bernabeu until 2011 and it has previously been expected that he would fulfil that deal.
However, reports in both of Madrid's leading sports newspapers AS and Marca claim Major League Soccer outfit Red Bulls are planning to hold talks with Real about an end-of-season swoop for Raul.
The long-serving attacker has previously intimated at an interest in playing in the United States towards the end of his career and will reportedly be offered a two-year contract by Red Bulls.
Raul's representative Gines Carvajal has confirmed clubs have shown an interest in the player, but says a decision will rest with the Spain international.
Carvajal said: "Some clubs have asked about Raul, but that is a question that depends exclusively on the player and he is very happy in Madrid."
Raul has spent his entire career at Real and holds the club's all-time goalscoring record in addition to being the leading scorer in the UEFA Champions League and for the national team.