According to AS.com, the former Tottenham player will be present at the club's pre-season training where he will make a decision on his future intentions. There have been reports linking the Welshman away from Los Blancos but the possible departure of Cristiano Ronaldo to Juventus means his situation has become clearer.
Other factors including the resignation of former head coach Zinedine Zidane and the appointment of new manager Julen Lopetegui will also likely play a role in determining his future at the club.
Bale was frustrated at times last season as he was plagued with injuries and lacked playing time as he appeared to struggle playing in the shadow of his team mate Ronaldo. However, he scored two crucial goals in the Champions League final, including a stunning overhead kick that helped Los Blancos secure the trophy.
Yet he was disappointed not to have started the final, stating to AS.com: "I have to talk to my agent, I need to play more minutes. It was a disappointment not to be a starter in the final."
The 28-year-old wants to know what his role will be in the team in the 2018/19 La Liga campaign, but it's believed Lopetegui rates him highly and will try to enable him to reach his best level at the club.