The midfielder's agent has claimed an offer from the Spanish club would be considered following the 23-year-old's talismanic campaign at Tottenham
The 23-year-old scored 21 Premier League goals last term as Spurs narrowly missed out on a Champions League place, and the midfielder is expected to sign a new contract worth £130,000 at White Hart Lane this summer.
"Everybody talks about it. He has impressive qualities. [We] would have to see how they work in La Liga coming from England, but I think they fit well to Madrid," Figo said at a charity event.
Bale's agent admitted earlier this week that it would be an "honour" if Madrid registered their interest and claimed the Spurs ace would consider the club's offer.
"If Florentino Perez is interested in Gareth Bale it would be an honour and we would listen, but his contract is with Tottenham," he told Futboleros on Marca TV.
"We are not free to speak with anybody at the moment, that's where we are. I don't know if there has been any offer, what I know is that the player has three years left on his contract."