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The 32-year-old Welsh winger made his sensational return to the Premier League last season for a loan spell at Tottenham.
Former Tottenham manager Jose Mourinho claimed in February that Bale "looks happier" than ever, but he has since returned to Madrid after his loan expired.
The Wales international's current deal doesn't expire until 2022, but Madrid might push for a sale this summer due to Bale's astonishing £600,000-a-week salary.
Los Blancos are hoping to reduce their wage bill amid the impact of the coronavirus pandemic.
Now, OddsChecker has found that bookies have slashed the odds on Cardiff making a sensational swoop to sign Bale this summer.
The Championship club were 16/1 in May to sign the ex-Spurs star, but some bookies have now reduced the odds drastically.
Sky Bet has cut the odds down to 5/4 at the time of this writing, while William Hill has Cardiff signing Bale at 11/8 odds.
A Bale move to any MLS side is currently at 13/2 odds, with a return to Tottenham sitting at 8/1 odds.
David Beckham's Inter Miami and any Chinese Super League side are at 10/1 and 16/1 respectively, while Chelsea and Paris Saint-Germain are both on 20/1 odds.
OddsChecker spokesperson Callum Wilson said: "In what would be a sensational Welsh homecoming, could Gareth Bale really move to Championship side Cardiff City?
"Whether it's the allure of Mick McCarthy or feeling homesick, one thing that is certain is bookies and punters alike believe Bale is on his way to back to Wales."
New Tottenham manager Nuno Espirito Santo has confirmed that Bale would not be involved with Spurs this summer.
When asked about Bale, he said: "He will not be part of our squad."
Featured Image Credit: PA
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