Bale has been consistently linked with a move back to the Premier League in recent transfer windows, with Manchester United often cited as the most likely destination should he leave the Spanish capital.
However, agent Jonathan Barnett insists that the Welshman is "very happy" at Madrid and stressed that his future does not depend on that of Cristiano Ronaldo, who has also been linked with a move away this summer.
"He's worth at least the €222m (£200m) paid for Neymar. Gareth is very happy with Real Madrid. He loves Madrid," Barnett told Tuttosport.
"Gareth doesn't need Cristiano Ronaldo to leave. Bale is already a star at Real Madrid. I remember the pen Florentino Perez gave me, he's a great gentleman, I always carry it with me.
"Bale was close to signing for an Italian club, but Spurs didn't accept the offer. He's happy in Madrid now, although things can change quickly in football, however I know that no Italian club can afford to buy him at this point."
Bale could come up against Neymar on Wednesday night when Madrid host Paris Saint-Germain in the first leg of their Champions League last-16 tie.