The Real Madrid forward’s representatives are in talks with Chinese side Jiangsu Suning.
Sky Sports News (SSN) understands negotiations are progressing and there is still some work to do, but Jiangsu Suning are increasingly confident they can convince the Welshman to sign.
Bale, 30, has been told he can leave Real, even though he has three years left on his £600,000-a-week contract.
The clock, however, is ticking, as any deal will have to be sealed by Wednesday, when the Chinese transfer window closes.
In addition, all Chinese clubs have to pay 100% transfer tax on foreign signings, meaning Jiangsu Suning will effectively have to pay double to secure Bale’s services.
All proceeds from this transfer tax then go towards youth development in the country.
Real manager Zinedine Zidane has made it clear Bale is not in his plans, but Bale’s agent Jonathan Barnett, told SSN earlier this week that the Welshman would not leave the club in a “makeshift” loan deal.
And with the former Tottenham star unlikely to agree to a significant pay cut, the list of clubs who could afford to land Bale on a permanent deal is decreasing by the day, with China being one of the only viable options remaining.
Former Shanghai SIPG director Mads Davidsen believes any deal for Bale to Jiangsu would be the biggest transfer in the history of Chinese football.
“There is no doubt that [if the deal happens], he would be the biggest player ever in China… Not only in branding and reputation-wise, but also his level. He would be a massive attraction for football in China.”
Bale, who joined the Spanish giants for a then world record £85m from Tottenham in 2013, has won four Champions Leagues and one Spanish league title in his time in Madrid.
He has also starred for Wales, helping his national side to the semi-finals of Euro 2016.