
Raul, 30, is in good form for Real but has again been overlooked by Aragones, who allegedly got on badly with the player at the 2006 World Cup finals.
Raul has played 104 times for Spain - second only to former keeper Andoni Zubizarreta, who won 126 caps - but will probably not wear the red shirt again, at least whilst Aragones remains in charge.
One player returning to the squad is Barcelona captain Carles Puyol, who has recently recovered his fitness.
Missing against Denmark will be injured Liverpool midfielder Xabi Alonso.
The two newcomers are Valencia defender Raul Albiol, 22, and Espanyol midfielder Albert Riera, 25, both in excellent form.
The squad announced by Aragones is as follows:
Goalkeepers: Iker Casillas (Real Madrid), Pepe Reina (Liverpool)
Defenders: Sergio Ramos (Real Madrid), Carles Puyol (Barcelona), Pablo Ibanez (Atletico Madrid, Walter Pernia (Atletico Madrid), Joan Capdevila (Villarreal)
Midfielders: Xavi Hernandez (Barcelona), Andres Iniesta (Barcelona), Cesc Fabregas (Arsenal), David Albelda (Valencia), Miguel Angel Angulo (Valencia), Albert Riera (Espanyol)
Forwards: Fernando Torres (Liverpool), David Silva (Valencia), David Villa (Valencia), Luis Garcia (Espanyol).
DPA