It's pretty well-known that Bale supported Arsenal growing up. His agent says: "(As an Arsenal fan) I'd love him to play there but it's got as much chance as me going to the moon."
He's just angling for improved terms from Madrid, but if they were interested, what about Ozil + bags of money for Bale? He'd be the final piece that legitimately helps us challenge for titles. A front four of Auba, Bale, Ramsey, and Mhiki would be pretty tasty. Athletic, hard-working, plenty of goals and assists there. And obviously the pisstake factor up the Seven Sisters.
http://www.skysports.com/football/news/11835/11411196/gareth-bales-agent-says-he-is-yet-to-meet-real-madrid-to-discuss-future