Chelsea have failed in an audacious bid to sign Raul from Real Madrid.
Raul has scored 162 goals in La Liga for Real Madrid
The Stamford Bridge club's new owner, Roman Abramovich, wanted to sign the 26-year old for a world record £71.4m.
But the Spanish striker's agent, Gines Carvajal, revealed that Raul immediately rejected the offer and said he would not be leaving the Bernebeu.
"Fifa agent Marc Roger, on behalf of Chelsea, asked me if Raul would be interested in entering negotiations for a transfer to Chelsea," Carvajal said.
"I spoke to Raul, my client, and he said 'no'. He's not interested in leaving Real Madrid.
"Roman Abramovich has made an offer of £71.4m for Raul and they want to pay him £8.4m a season, double what he is earning at Real Madrid," he added.
Raul, whose current contract expires in June 2005, is currently on tour with Madrid in the Far East, having landed in Kunming in China on Friday.
If the bid had been accepted, it would have destroyed the previous world transfer record of £45.8m Real Madrid paid Juventus for Zinedine Zidane two years ago.