The Wales international often operated in a more central role for Tottenham last season and the Blancos coach believes he could do the same at the Santiago Bernabeu
The 24-year-old winger became the most expensive player in history after completing his £86 million move from Tottenham last Sunday, with speculation mounting as to where the Welshman will feature in an already star-studded attack.
"Gareth has the goalscoring talent and ability to set up goals for others. He recently became more central. He's got that versatility," the Frenchman told BBC on Thursday.
"[Coach] Carlo Ancelotti has a clear idea how to use him but things can change. We have a lot of exciting players here.
"[Karim] Benzema is a great talent, while Isco plays in midfield but has chipped in with three goals already. It'll be interesting to see how players fit in together.
"We'll be trying to find their best position and what's best for the team as quickly as possible."
Bale was an unused substitute for Wales on Friday night as they were beaten 2-1 by Macedonia in their latest World Cup 2014 qualifier.