Bale, who was signed for an initial sum of £5 million from Southampton in 2007, has been in sensational form so far this term, hitting a memorable hat-trick at the San Siro against Champions League holders Inter Milan.
The Welsh wizard's performances against the Italian giants in both European ties alerted Inter boss Rafa Benitez and president Massimo Moratti, as well as a host of other European heavyweights.
Levy, however, has been quick to quash the rumours.
"I've never deemed us to be a selling club. Both [Dimitar] Berbatov and Michael Carrick had two years left on their contract, both players wanted to go and that was the reason they were sold.
"But in the case of Gareth he's got a long contract and I can assure you [the fans] he will not be sold."
The news will provide a huge boost to manager Harry Redknapp, who is aiming to continue Spurs' impressive start to the campaign, which has seen them qualify for the Champions League knockout stages for the first time in the club's history.
Bale is not the only one to attract attention from elsewhere, and Levy conceded he would find it difficult to stand in Redknapp's way should the Football Association come calling when Fabio Capello steps down as England manager in 2012.
"Harry is on a long-term contract," Levy told the club's AGM. "If and when they contact us, we will have to deal with it accordingly."
By Greg Lea
