The 22-year-old, who has nine first team appearances to his name, comprising four starts of which two have been this season, played in the reserves' 3-0 win at Southampton on Monday night, and says that could be his swansong.
"It depends what comes up in the summer, but it might have been," he says. "If so, it is a sad end because I wanted to play for the first team, but I haven't so it might be time to move on now and try to find somewhere else to play first team football."
Nonetheless, he feels he has had a good education since joining the Hammers under Harry Redknapp, and he adds: "I think I have definitely improved my play very much so it has been a good time, but it hasn't turned out the way I wanted it."
Raggy had trials at Perugia and AC Milan before coming to east London in an £800,000 deal from Bryne some 15 months ago and, though he has originally expressed a preference in going to Italy, says he would not want to go there now.
He explains: "A couple of things have come up regarding Italy that I didn't know about, so I'd prefer to stay in England.
"I hear they might lock you up in the training ground if you have a bad result, which wouldn't suit me very much.
"Fortunately that never happened at West Ham!"
Raggy, who signed for the club on the same day as Christian Dailly, knows that the economic climate has changed considerably in the short time he has been here, and says:
"I am hoping and aiming at staying in England, but with the ITV Digital deal that collapsed it might be a little bit difficult to find a club because I know I won't be going on a free transfer.
"I don't know what is going to happen, but I will probably have to drop down a division, the club will ask money for me, and since the ITV deal collapsed a lot of clubs probably won't have the money to buy players.
"I have heard there are a lot of free Bosman players on the market so it might be difficult as they can get good quality players for nothing instead of paying a fee for me - I will just have to wait until the summer and see what comes up."
The ITV saga only adds to the considerable problem that Glenn Roeder faces of moving players on. If players are under contract, it is only natural to want a fee for them, but, with lower division clubs already reluctant - or unable - to meet the wage demands of players used to the trappings of Premiership football, paying out transfer fees could be a bridge too far when players will be available without a fee attached.
However, in the case of Raggy, a former Norwegian under-21 international who can play in several positions on the left hand side, has picked up Premiership experience and cost less than £1m, there should be interest in his services this summer.
In the meantime, Raggy is enjoying a short break in Norway with his young family, before returning at the weekend, and he concludes: "I have spoken to Glenn. I know what he thinks and he knows what I think, so we just have to see if we can work something out - but there is a good relationship there.
"Glenn is a great man and I have nothing to complain about - it just didn't work out at West Ham, and that is why it is time to move on now."