The Wales international has nothing but praise for the prolific attacker and has stressed that his hefty price tag will not affect him.
The 24-year-old signed a six-year deal with the Blancos on Monday to complete his 100 million euro move from Tottenham and he's keen to team up with the former Manchester United star.
"For me Cristiano Ronaldo is the best player in the world," Bale said at a press conference. "His presence played a big part in my decision to join Madrid. It will be an honor to play alongside him.
"What about penalties and free kicks? Ronaldo is the boss here at Madrid. Let's see what he says. I don't need to help Ronaldo to be the best in the world - he has already shown it."
The Welshman then went on to stress that his hefty pricetag does not put any extra pressure on him and added that he's determined to help Madrid win silverware.
"The transfer fee is not something that affects me. It's something between Madrid and Spurs. It only brings extra pressure if I want it to.
"The biggest pressure here is to help Madrid win trophies. I want to win silverware here and help the club win the Champions League."
Bale could make his official Madrid debut away against Villarreal on Sept. 13 after the international break.