Ramos labels Bale as 'not very expensive'
The Spanish giants have made no secret of their desire to sign Bale and some media reports claim Real are rumoured to be preparing a bid in the region of £100 million for the Welshman.
That figure would break the world record for a transfer fee – which Real currently hold after splashing out £80 million on Cristiano Ronaldo in 2009 – but Ramos believes the move would be worth it.
The 27-year-old is aware of the need for the club to sign young Spanish players, but says they can make an exception for a player of Bale's obvious talent.
"The price of players is determined by the market. He's not very expensive from my point of view," Ramos told Real Madrid's official website.
"It's important that there are young, national players on this squad because a national core is very important.
"But from there it's wonderful to have great players. It's a good philosophy and a good project.
"The president (Florentino Perez) and (Carlo) Ancelotti will decide if he needs to come here."
Ramos says spirits in the squad are high after the arrival of Ancelotti, and that competition for places is high.
Everyone is out to prove themselves to the new coach, according to Ramos, and he sees that as a good thing.
"Everything settles down when a new coach arrives, but also you can see each player's desire and effort," he said.
"We can convey calm, but the uncertainty created from wanting a spot on the squad is palpable. Your motivation encourages you to keep working and growing.
"You should never lose your motivation, because you'll have a problem the day you do."