The Wales international, who was briefly the world's most expensive player when he joined Los Blancos from Tottenham, has scored 14 goals in all competitions this season, but has found himself at the centre of some intense criticism.
Former player Jorge Valdano even claimed that "nothing Bale does is worth €100 million" and, as Real prepare to face Bayern in the first leg of the Champions League semi-finals on Wednesday, he has stopped short of committing his future to the Spanish giants.
"In football, you can never say never," Bale told SportBild in an interview arranged to mark the opening of an office by Stellar, the agency which represents him, in Munich.
“At the moment, I play football for Madrid and I enjoy it. Bayern have a fantastic team and have always been one of the most successful clubs in Europe in the past.
“Being linked with this club is an honour for everyone. But, now, I am a Real Madrid player.”
While Bayern have been linked with Bale, Real are reportedly interested in Robert Lewandowski, who has scored 39 goals in all competitions this term.
And Bale has no doubt that the Poland international would thrive in Spain as Madrid prepare for the challenge of containing the Bayern striker.
“Robert Lewandowski has the quality to play for Real," said Bale. "He is one of the best strikers of the world, a guarantee of goals for both Bayern and his national team.
“We know what a serious threat he poses in the games against us. He’s a great scorer, so we’ll keep an eye on him.”