The Real Madrid forward is being linked with a summer move away from the Spanish capital after a difficult season at the 10-time European champions for the Wales international.
The 25-year-old has been touted with a move to Manchester United in the summer, with reports suggesting David De Gea could make the switch to Old Trafford.
Speaking on Sky Sports on Saturday afternoon, Gunners legend Merson talked up a potential swoop for the former Tottenham Hotspur forward.
“I think he would fit any club in the world,” Merson told Sky Sports. “Why not Arsenal? You’re getting rid of Theo Walcott, you’ve got a load of money.”
Bale played alongside Arsenal forward Walcott during their spell together at Southampton before the pacey wingers both moved to north London side.
The Madrid winger was named the PFA player of the year in 2013 after he scored 21 goals in 33 Premier League games in the 2012/13 campaign.
The Welshman moved to Real Madrid from Tottenham in an £85.3m deal in 2013.
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