Bale's stunning season has put Spurs in the race for a Champions League place and has seen him nominated for the PFA Player of the Year award.
The Welsh wizard was also included in the nominees for the Young Player of the Year and Villas-Boas believes he stands a great chance of winning after netting 22 goals in just 38 appearances this season.
Villas-Boas added: "Obviously Gazza has had an outstanding year, along with other players.
"I think we've seen a great season from Robin van Persie, a great season from Luis Suarez and a great season from Bale. But I think Gareth's in with a big chance for what he has produced this season - we've seen some spectacular moments.
"I think he is a serious contender and all of us would be very happy if he was to win.
"He's had a tremendous impact on the league this year.
"He's been in great goalscoring form and he's played in so many different positions with such success.
"His maturity and responsibility is outstanding, so it's good to see."