The Spain international described a potential world-record fee for the Tottenham star as "not very expensive" considering the Welshman's talents, and urged his club to seal a deal.
Los Blancos are stepping up their efforts for the 24-year-old's signature with the Welshman desperate for a move to the Spanish capital, though Spurs chairman Daniel Levy is reluctant to sell the club's top player - even for a huge sum.
After Madrid and Spain teammate Iker Casillas backed the club to sign the PFA Player of the Year and Young Player of the Year, Ramos also came out in support of a move, suggesting the club should always be looking for "great" players like Bale.
"The price of players is determined by the market. He's not very expensive from my point of view," Ramos told reporters at a press conference.
The 27-year-old defender believes Madrid must prioritize securing the best young Spanish talent - the 39 million euro deal for Real Sociedad midfielder Asier Illaramendi being a case in point - but says "great" players like Bale are always welcome.
"It's important that there are young, national players on this squad because a national core is very important," he continued. "But from there it's wonderful to have great players. It's a good philosophy and a good project."
While there has been no official bid for Bale as of yet, Ramos insists the final decision will lie with the club's hierarchy.
"The president [Florentino Perez] and [coach Carlo] Ancelotti will decide if he needs to come here."