Radio Montecarlo claim that the 40-year-old is a serious consideration for many Real Madrid club officials with the coach now available following his departure from CSL side Shanghai SIPG FC last December.
However, following the departure of Zidane - who left the club after lifting his third successive Champions League trophy - according to the Independent, Bale is now reconsidering his options and will wait to see who Florentino Perez appoints this summer.
But Zidane said his decision to leave Madrid had nothing to do with potentially leading his country.
"I didn't stop to want to take the team of France".
Zidane claims to have made no decision on his immediate future as yet, with a welcome break being enjoyed after a stressful but successful period at the Santiago Bernabeu helm.
Speaking on Monday at Portugal's World Cup team base camp on the outskirts of Moscow, Fernandes said: "I have nothing negative to say about Cristiano, he looks focused and doesn't look at all anxious about his future".
"I don't know what I'm going to do", the 45-year-old added.
"And then after, and as I said, he will definitely be a coach of the French team someday".