The reigning champions failed to get past the group stage in Brazil as two defeats from three matches saw them finish behind the Netherlands and Chile in Group B.
While questions have been raised over whether Spain's 'golden generation' are finished, Raul believes that new players need to be given the chance to impress.
"Instead of arguing this individual would have been better than that, let's agree that the generation that brought Spain all the glory is past its prime," he told The Times of India.
"[Iker] Casillas, Xavi [Hernandez], [Andres] Iniesta, Xabi Alonso won all that was there to be won, but in Brazil, perhaps with the exception of Iniesta, they looked jaded. So we do need replacements."
Raul scored 44 goals in 102 appearances for the Spanish team before retiring from international football in 2006.