Bale has gone onto claim three Champions League trophies and a La Liga title in his four seasons at Real and proved crucial to Los Blancos in the biggest of games, scoring the winning cup final goal against Clasico rivals Barcelona in the 2014 Copa del Rey final.
There is little to suggest Bale is unhappy in Madrid, or pushing for a return to England, and Mourinho recognises a move for his signature would likely be a waste of his time.
"No (he was not on my list of targets). No, because you have contacts, you have feelings, you understand things," the United boss told press ahead of his side's meeting with Real in the International Champions Cup.
"It seems to me that Bale likes Madrid, likes the challenge, likes the situation.
"He’s in a club in a very good situation now. I never felt the desire from him to leave, so why lose time and energy on that?"
Mourinho, whilst insisting he is happy with the business done so far, is keen to add a third, with Nemanja Matic, Ivan Perisic and Eric Dier all linked with a move to Old Trafford in recent weeks.
The Portuguese is unwilling to name his targets, however.
“You know, names is difficult for me because as you know the players belong to clubs, the players they are in pre-seasons,” Mourinho added.
“The managers, the owners, they are not happy if you speak about them. The same as me.
“If I am here now somebody is telling, ‘I would like buy player A from Manchester United’, ‘I am having conversations with B player from Manchester United’, then I would ask, ‘Hey, I am here and the club is here, so be careful with what you say’.
“So I say nothing, I just keep saying the same because I never hide."