Chelsea have failed in an audacious bid to sign Raul from Real Madrid.
The Spain striker was asked whether he would consider a transfer to the ambitious Premiership club who inherited instant wealth when Russian billionaire Roman Abramovich bought up Ken Bates' majority shareholding recently.
But Raul turned Chelsea down flat, insisting he would never leave the Primera Liga champions to join the Stamford Bridge outfit.
"FIFA agent Marc Roger, on behalf of Chelsea, asked me if Raul would be interested in entering negotiations for a transfer to Chelsea," Raul's agent, Gines Carvajal, told PA International.
"I spoke to Raul, my client, and he said `no'.
"He's not interested in leaving Real Madrid. Raul's buy-out clause is €180m."
Raul, whose current contract expires in June 2005, is currently on tour with Madrid in the Far East, having landed in Kunming on Friday morning.