The young Welshman has set the European football scene alight this season with his sensational performances, most notably in the Champions League, with particular highlights against Italian giants Inter Milan.
Goal.com revealed in January that Bale was close to agreeing terms on a contract that would make him the highest paid player in Tottenham's history on £100,000 a week, though the club have not confirmed the terms of the deal.
Bale has caught the eyes of many of Europe's elite, but has now secured his future on North London where he arrived four years ago aged 17 from Southampton.
The Welsh maestro has made 112 appearances for Spurs so far, contributing 17 goals and was one of the club's pivotal players in getting Harry Redknapp's side into Europe's flagship competition with a fourth-placed finish at the end of last season.
His manager has expressed his delight as a result of one of his most promising stars extending his stay with the club.
"It's great to have Gareth sign a new contract at the club," Redknapp told the club's official website.
"He is a fantastic player and the type of player we need to be keeping at Spurs.
"Gareth is now one of the top left-sided players in the world, he really is an amazing talent and can only get better. He is a smashing lad as well which is equally as important.
"He has got his whole future ahead and he has everything going for him."
The player himself added: "I am enjoying my football at Tottenham. I want us to keep going forward as a team and hopefully we can achieve big things.
"We have got a great squad that is still young and we are going places. It is great to commit to this club and hopefully we can achieve what we believe we can with this squad. The players want what the fans want, and performing in front of these fans is a special experience.
"I definitely believe we can challenge for a title very soon. That is why I have signed. Every year as a minimum we are aiming to qualify for the Champions League so we are definitely going in the right direction.
"We have proven in the Champions League this season that we can compete with the best and we are in the last eight now and there is no reason we can't go further this season and in years to come."