The 34-year old Spaniard has emerged as a strong target for the Lancashire club this week and it has been revealed that they have indeed enquired about his services.
"After that we contacted his agent. We will meet today and talk with Raul and his agent about this.
"Initially we don't want to give him away, but when he tells us he wants to leave, we will think about it and go into negotiations.
"There will be a quick decision in this case - tomorrow at the latest."
But a more recent report indicates that the former Real Madrid star has rejected the chance to leave Veltins-Arena for Ewood Park.
“Raul's agent told me that his client does not want to go to Blackburn. He will stay at Schalke," Heldt added on Bild this afternoon.
"Both our coach Ralf Rangnick and my colleague Peter Peters as well as myself have always stressed that we did not want him to leave," he added, according to the official Schalke website.
"We are pleased that Raul wants to contribute everything he can to make us a sporting success."