The Brazil international was impressed when he faced the Wales star in the past and is confident the club will win titles under Carlo Ancelotti
Although Andre Villas-Boas' side were initially reluctant to let go of their star man, they now seem open to a transfer provided Madrid are willing to match their €115 million valuation of the 24-year-old.
And Marcelo, who played against Bale in the Champions League quarter-finals in 2011, would be delighted to see Bale pull on a Blancos shirt in 2013-14.
"Bale is a great player. I have played against him. I don't know him really well, though," the full-back was quoted as saying by AS.
"He's more than welcome here if he ends up joining Madrid."
The Brazil international went on to describe coach Carlo Ancelotti as a "born winner" and is confident the club will win trophies under the Italian.
"We are still in the process of getting to know the coach, but we all feel he's a great guy. He is a born winner and has a lot of experience. I hope that he will help us win titles."
Ancelotti joined Madrid this summer from Paris Saint-Germain after guiding the French side to only their third Ligue 1 title in history last term.