Bale has had a hugely successful career for the Spanish giants but speculation has often linked him with a move away from the club amid rumours of unhappiness in Madrid and tension with supporters.
But although the 30-year-old Welshman would likely draw a hefty sum, Madrid want to hang on to him for now as they make preparations for a season without a major acquisitions, according to the Sun.
The impact of the worldwide pandemic should hit a number of clubs hard this year, with football's suspension taking away matchday revenue and sponsorship money, but the impact at the Bernabeu will be notable as they contend with a £500million stadium redevelopment.
This means that fans who are used to seeing the likes of Eden Hazard, Toni Kroos and Luka Modric will be disappointed this time around.
Former Tottenham star Bale still has two years left on his contract with Madrid, and he has been keen to stay in the Spanish capital where his family are settled. Now the club have told him they are happy for him to do so, the report adds.
Moving to the Premier League remains a difficult proposition for the Wales international, with few clubs able to pay his current £650,000-a-week wages.
Last summer he nearly headed to China to play for Jiangsu Suning - one of the few clubs that could afford his salary - but the transfer broke down.
It would have seen him earn an eye-watering £1m a week but Madrid pulled the plug. Staying for another year would give him a chance to show his worth to manager Zinedine Zidane, who has had an up and down relationship with the star
Bale has spent nearly seven years with the club since joining for a then-world record fee of £85m from Tottenham in 2013.
He has since won every trophy there is to win with Madrid - including one LaLiga title and four Champions League trophies. He has scored 105 goals in 249 appearances but has recently endured a fractious relationship with the club's supporters amid accusations he is not fully committed to the cause.
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