In the draw announced Saturday, the hard-serving 21-year-old from Thornhill, Ont., will meet No. 2 seed Andy Murray if both players advance past the second round.
Raonic, who got a first-round bye after Roger Federer pulled out of the tournament, will play his first match against either Russia's Alex Bogomolov Jr. or Serbia's Viktor Troicki.
Murray, who also has a bye, will play the winner of a match between two qualifiers in the second round.
Saturday's draw also pitted No. 1 seed Novak Djokovic against either Australia's Bernard Tomic or a qualifier in his first match.
The top 16 seeds all received first-round byes.
Former world No. 2 Tommy Haas of Germany and former world No. 3 David Nalbandian of Argentina will face each other in the first round.
Among other Canadian players in the tournament, Frank Dancevic of Niagara Falls, Ont., will play Kazakhstan's Mikhail Kukushkin, Peter Polansky of Thornhill will play a qualifier and Vancouver's Vasek Pospisil will take on Italian Andreas Seppi.