The reigning Spanish champions have refused to comment on whether or not they are interested in signing the Wales winger
The Wales international has been in sublime form in the past few months, and is continually being linked with a transfer away from his current club.
Nevertheless, Karanka has refused to comment on whether Madrid could make a move for the winger at the end of the season.
"Bale is another team's player and I cannot say anything about him. He is a classy player, though," Karanka said at a press conference.
Karanka also had his say on los Blancos' title chances, and admitted that they might have to settle for second place.
"Winning the Liga is nearly impossible. We have to focus on finishing second in the table," he stated.
Madrid currently sit third in La Liga, trailing second-placed Atletico Madrid by two points.