The 21-year-old only joined Madrid this summer himself and is pleased with the players around him.
However, he does admit that the Tottenham Hotspur winger would add something to the team.
"The team is really balanced, but if Bale comes it would be another plus, which is never a bad thing," Isco told the club's official website.
"He's a great player. I think we already have a solid team, but he would be a good reinforcement."
The midfielder also revealed how well he has settled in the Spanish capital.