Bale has been linked with a number of top clubs, including Real Madrid and Barcelona but Riise, who left his native Norway when he was 17, believes that the Welsh midfielder should remain at White Hart Lane.
The 32-year-old told The Sun: "When Real Madrid and Barcelona call your name it is tempting, but, for me, there seems no reason to leave Tottenham.
"The club seems to be going places, he is playing unbelievable football and he has his friends and family here.
"Moving abroad is a lonely business. When I was 17 I left Norway but I had to as the football wasn't at a high level there."
Both players could feature when Spurs host Fulham on Sunday afternoon.