Bale , 30 , had been expected to join Chinese Super League club Jiangsu Suning on a three-year deal , earning a reported £1m a week.
Last week Real boss Zinedine Zidane said Bale was “very close to leaving” having fallen out of favour.
Zidane added his exit would be “best for everyone”.
Bale joined the Spanish club for £85m from Tottenham in 2013 in a world record deal at the time.
Bale scored three goals , plus a penalty in a shootout , in four Champions League finals for Real as they won the competition in 2014 , 2016 , 2017 and 2018.