The Wales international was reportedly on the brink of signing a deal that would have seen him earn £1million per week after falling out of favour under Madrid coach Zinedine Zidane.
The transfer would have brought Bale’s spell at the LaLiga club to an end after six trophy-laden years, but he now looks set to stay in Madrid unless a deal can be done elsewhere.
Bale has helped Madrid to a LaLiga title, the Copa del Rey and four Champions League crowns since his then-world record €100.8M (£90.7m) transfer from Tottenham in August 2013, as well as three UEFA Super Cups.
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