Two years into a six-year deal, Bale will have his choice of clubs - and managers - should he choose to leave Spain.
We identify five likely suitors for the former Tottenham and Southampton wing wizard:
David Moyes, now of Real Sociedad, admitted earlier this year United tried to sign Bale as negotiations between Spurs and Real dragged on. United have kept in contact with Bale's camp - and also Real - since his move in September 2013. The presence of Ryan Giggs is a factor, with the United assistant manager idolised by the Welshman when growing up. Giggs, so bullish about United maintaining their winger traditions, will do all he can to bring Bale to Old Trafford should he become available. Adidas' new partnership with United - to the tune of £75m-a-year - could also have an influence on their star client. The stumbling block, however, could be David de Gea and Real's interest in the goalkeeper. Would Louis van Gaal be willing to sacrifice the Spaniard for the Real man?
Before the United rumour mill sparked up again in England, across Madrid it was Bayern which were seen as the most genuine suitors for Bale. Like United and Real, Bayern are an Adidas club and have the spending power to meet any price Real president Florentino Perez names for the Welshman. With it common knowledge that Bayern are seeking to phase out veteran wingers Franck Ribery and Arjen Robben, the prospect of luring Bale to the Allianz Arena would be tempting. The presence of Pep Guardiola could also be a factor. With Ribery and Robben either sold or sidelined, Bale would move to Bayern as Guardiola's 'Messi' and have their attack built around him.
PARIS ST GERMAIN
Free of Financial Fair Play (FFP) restrictions, PSG will return to the transfer market flush with cash and full of ambition. The French giants have already made it clear they're in the market for a high-profile winger, having expressed interest in Manchester United midfielder Angel di Maria. Should Bale become available, they're unlikely to stand idly by - particularly with Zlatan Ibrahimovic's current status in doubt. Nasser al-Khelaifi, the PSG president, has stated they will seek to buy a new, marketable name when the Swede departs. Bale would certainly fit the bill.
Another Adidas partner, Chelsea owner Roman Abramovich is unlikely to allow any race for Bale's signature be run without their involvement. It's been suggested Chelsea and Adidas have discussed how best to market Bale should he end up at Stamford Bridge, such is the Blues' intent. However, with Jose Mourinho playing things through Eden Hazard - and Juan Cuadrado struggling to get off the bench, it would seem overkill for Chelsea to add the Welshman to their title-winning squad. But the prospect of fielding Bale alongside Diego Costa in his favoured central role would be tempting for the Blues manager.
Manuel Pellegrini warned Europe last week, free from the shackles of their FFP ban, City will be active - in a major way - during this summer's market. A planned clearout will further boost City's chances of finding room for Bale and his wage demands. After two years of ho-hum transfer work, City chiefs Txiki Begiristain and Ferran Soriano need a show-stopper to stem the criticism and attract more big names. Bale's profile suits the situation perfectly. He would solve Pellegrini's goalscoring problem, help convince Sergio Aguero to stay and convince other world-beaters to consider City as a destination. Such a deal would also deliver a blow to bitter rivals United.