Raul to see out Schalke contract
The 33-year-old has been in fine form since joining from Real Madrid, scoring 11 league goals, but the club's bad run that led to Magath's sacking earlier this month has sent them down to 10th place.
Ralf Rangnick has replaced Magath and could guide Raul to his first silverware in Germany when Schalke take on second-division Duisburg in the German Cup final on May 21.
"I did not sign my contract with Felix Magath but with Schalke 04. I am a Schalke player," Raul told Sport Bild magazine.
Raul has also scored three Champions League goals to help Schalke move into the quarter-finals where they face holders Inter Milan.
"Obviously the club must want this as well but I have not heard otherwise until now," said Raul, who left Real after a glittering 16-year career that included three Champions League victories.
"I have won some titles in my career but never a domestic cup. We want to win the German Cup. For me personally that is the most important thing."