United had set their sights on a world record £120m bid to bring the mercurial Welshman back to the Premier League.
Real are looking to clinch a deal for Marco Reus, and recent reports in Spain suggested that the Borussia Dortmund midfielder would be brought in as Bale’s replacement.
The Red Devils lavished over £150m on signings last summer, with Angel Di Maria joining for a British record £59.7m.
Though Louis van Gaal is eyeing another spending spree, it seems they will have to abandon their plans to sign Bale.
According to Spanish paper Marca, Real are adamant Bale will not be sold.
They claim that no amount of money would even tempt Real to part company with Bale, not even an offer in the region of £230m.
Bale, who recently became a club World Cup champion with Real, has rattled 13 goals in all competitions this term.