Tottenham Hotspur winger Bale has been linked with a £50m transfer to Los Blancos following a string of eye-catching performances.
Suarez is also a reported target of Europe's elite clubs but Reina is confident that the Uruguayan will remain a Red for the foreseeable future.
He told Radio Marca: "I can't see Luis Suarez playing in La Liga. I think he'll stay at Liverpool. He's a great player.
"So are Bale and a few others in the Premier League. If Real Madrid signs Bale, I'll be delighted. He causes me a lot of problems."
Reina has dismissed speculation linking him with a return to boyhood club Barcelona.