Bale, whose contract expires in June 2022, has been linked with a return to the Premier League, with former club Tottenham reportedly interested.
However, Madrid have yet to receive any formal offers for Bale, who recently revealed that he was blocked from leaving the club last summer.
The Welshman's huge salary has, so far, made it hard for the LaLiga champions to find a buyer for the 31-year-old.
Bale, who reportedly earns in the region of $17million (€14.5m) net per season, has fallen out of favor under head coach Zinedine Zidane, making just five LaLiga appearances in 2020.
The latest news could pave the way for Bale to finally leave Madrid after seven years at the club.