The 29-year-old has hinted at heading for the Santiago Bernabeu exits this summer after enduring a frustrating end to the 2017-18 campaign which saw him benched under Zinedine Zidane.
The picture in Madrid has altered somewhat since then, with Julen Lopetegui now at the helm and the talismanic presence of Cristiano Ronaldo having headed to Juventus in a €100 million (£88m/$117m) deal.
Bale could now be offered a leading role in the absence of CR7, bringing any talk of a transfer to an end and forcing the likes of United and Bayern Munich to look elsewhere.
Bellamy believes his former Wales team-mate will end up staying put, telling the Daily Star: “Where could he go?
“Man United can’t pay his wages, nobody can. There’s only one club that can pay his wages.
“That’s the world he’s in at this moment. The wages he is he’ll have to take a massive wage cut to go elsewhere.
“And I’m sure he would do but realistically then is someone then going to go and buy him?
“How can a club go and spend £80m, £90m?
“I know Juventus did for Ronaldo but Ronaldo’s a different purpose, that’s a different world of business.
“But Gareth, how can you go and spend £80m,£90m, £100m for a player you’re not going to get any return on?
“Maybe as part of a part-exchange deal but Gareth won’t be part of any part-exchange deals, he’s too good a player for that.
“So I just don’t see it being a possible move for anyone to get anywhere near.”
Bellamy also believes that Bale will benefit from Ronaldo’s departure, with Real looking for a new leader to step up.
He added: “It’s changed with Ronaldo going, I think it opens up.
“He needs to be the main man in a team and he deserves to be the main man in a team.
“I just believe now with Ronaldo going this might give him that opportunity to be that main man at that team.
“One of the greatest teams in the world, probably the greatest team in the world at this present moment because they’ve won three European Cups in a row.
“I don’t think any other club could get anywhere near trying to break the bank to get him, I think he’s out of everyone’s reach unless he decides to rip his contract up at Real Madrid but I just don’t see it being realistic.”