The Wales international’s future has been a source of relentless speculation over the past few months after falling down the pecking order at The Bernabeu.
Bale came off the bench in the Champions League final to score twice in a 3-1 win over Liverpool FC in Kiev last month.
The 29-year-old opened the door to a potential move to Manchester United in the immediate aftermath of the final after he hinted that his future lay away from the Spanish capital.
The former Tottenham Hotspur winger has been linked with a potential switch to Premier League side Manchester United and Bundesliga champions Bayern Munich.
However, Zinedine Zidane stood down as manager earlier this month to alter the situation at Real Madrid ahead of the new La Liga campaign.
Former Liverpool FC defender Nicol has ruled out Bale leaving Real Madrid in the summer transfer window.
“The fact Zidane is gone I don’t think Bale goes,” Nicol told ESPN FC. “If he does, it will be a lot more than £100m.”
Bale has won four Champions League titles, the La Liga crown and the Copa del Rey since his move to Real Madrid from Tottenham in the 2013 summer transfer window.
Manchester United have already signed Diogo Dalot and Fred in the summer transfer window so far.
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