Schalke striker Raul could be offered a new deal with the Bundesliga club after snubbing interest from Blackburn over the summer.
The 34-year-old Spain legend emerged as a target for the Premier League outfit before committing himself to the remaining 10 months of his contract.
And now chairman Clemens Tonnies hopes this campaign will not be Raul's last for the Royal Blues following his arrival from Real Madrid last year.
"I am proud with every minute that Raul plays for Schalke," Tonnies told Sport1.
"He is an amazing personality. We will wait to see how the season goes and then find the right moment to discuss whether he could maybe add another year on."
And Tonnies is also keen to retain the services of Jefferson Farfan, with the Peru international's current contract also due to expire next summer.
He added: "I am not out to hype that, but we will certainly do all we are allowed to. We want to keep Jefferson Farfan at Schalke 04."
The negotiations could be eased if Schalke qualify for the Champions League next season, giving Raul the chance to add to his goalscoring record in Europe's premier club competition.
However, despite a bright start to the season which has taken Schalke up to second behind Bayern Munich, Tonnies has warned his club's fans not to get carried away.
"We are still going to experience setbacks," he added. "That has to be expected.
"But the lads are hungry and a great team is being formed and there is a great euphoria at the club that will carry us forward a fair way, but we are not going to end the season where we are now."
Schalke have yet to win a Bundesliga title and Tonnies is intentionally lowering the expectations.
"To always proclaim the title as our aim I think puts a great weight on the club, the players and the whole troop," he said.