"You talk about me being the Welsh Wizard, but now it's Gareth who is the Welsh Wizard," said Jones, who was part of Spurs' double-winning team in 1961.
"At the moment, I would say he's got to be one of the best players in Europe."
Left-back Bale joined the Champions League chasers in May 2007 as a 17-year-old from Southampton for a fee worth up to £10m.
"I've been watching Gareth for a while now and he's become a very special player," said Jones who spent 10 years at Spurs and was considered by some to be the best winger in the world at the time.
"I was so impressed with him after the Everton game [in February], I had to go and see him and have a chat.
"He has such an all-round game and is such an impressive young man."