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The 34-year-old Los Blancos skipper is out of contract in the summer and remains an integral part of Zinedine Zidane's plans at Madrid.
And talks are ongoing with Ramos, who has been heavily linked with Manchester United, over a new deal to keep him at the Santiago Bernabeu.
According to Diario AS, the Spanish side has now asked Ramos to reduce his wage bill as Madrid control their finances amid the coronavirus pandemic.
The Spanish newspaper added that Los Blancos are unable to 'match the Spanish centre-back's current salary' at the club.
Madrid are hoping that Ramos agrees to the reduction in his salary and will use that money to finance Bale's wages.
Bale has been loaned out to Tottenham for the season, but Madrid will need to cover the £26m salary that they will owe him for the next year.
United, who were linked with Ramos in the past, could reignite their interest in the Spain captain should he leave Madrid in the summer.
Former Newcastle United shot-stopper Shaka Hislop has admitted that Ramos could have a similar impact to Edinson Cavani should he arrive at Old Trafford.
The 51-year-old ESPN analyst said: "Yeah, why not? I'll tell you what, I'm hugely impressed with Cavani.
"I didn't think Cavani would be as good or as impactful as he has been. Sergio Ramos coming in at the other end of the pitch could probably have a similar effect."
Ramos, who was signed by Madrid from Sevilla in 2005, is widely regarded as one of the best centre-backs in the world right now.
Featured Image Credit: PA
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