Real Madrid chief Emilio Butragueno has paid tribute to departing pair Guti and Raul. Raul is expected to sign with Germany's Schalke 04.
"For us he is more than a symbol, he is part of the club's history, of the badge," Butragueno told Eurosport.
"He is an example for all, for the youth and future generations. We left any decision with Raul, so he could decide what is best. All we want is that he knows the debt we will always owe him."
Like Raul, Guti has also spent his entire career at Real Madrid but he too is set to depart. The temperamental midfielder has attracted the interest of Turkish club Besiktas.
"Guti's future will be settled next week," said Butragueno. "He has an idea about what he wants to do. He has contributed much to the club, has great talent and we are very thankful to him.
"Shortly it will be known, but any decision again is entirely his."