Gareth Bale, Real Madrid Agree on New Contract: Latest Details and Reaction

Gareth Bale has signed a contract extension with Real Madrid that is designed to keep him at the Santiago Bernabeu until 2022, the club announced on Sunday.

"Real Madrid CF and Gareth Bale have agreed an extension to the player's contract, keeping him at the club until June 30, 2022," Real stated. "Monday, at 1:30 p.m., Gareth Bale will appear at a press conference in the media room at the Santiago Bernabeu."

The Guardian's Ed Aarons later reported the agreement "will make him the best-paid player in the world, with the Welshman due to earn more than £150 million over the next six years in salaries and bonuses."

Cadena Ser (via ESPN FC's Adriana Garcia) reported on Oct. 12 that Bale's buyout clause would be set at a staggering €500 million (£452 million).

The former Tottenham Hotspur star's previous deal was set to run until 2019.

His new contract is just reward for the Welshman's excellent 2015-16 campaign, during which he netted 19 goals and provided 10 assists in just 23 appearances in La Liga, per WhoScored.com.

Bale has continued his good form into the 2016-17 season, netting three goals in six Liga matches and providing one assist. 

Per OK Diario (h/t Sport), it was previously suggested there was some discrepancy between what Real were willing to pay the Welshman, no more than €10 million (£9 million) per year, the €17 million (£15.3 million) Bale supposedly wanted and the €20 million (£18 million) Manchester United could offer, according to the winger's agent, Jonathan Barnett.

However, the various parties have reached an agreement. Real have managed to retain a man who has played a big part in the club's two UEFA Champions League triumphs in the last three seasons.

Bale has passed Gary Lineker as the most prolific Brit in Spanish league history during his relatively short time at the Bernabeu, per Opta:

The news will come as a big blow to Bale's longtime reported suitors United, Rory Smith of the Times among those writing about the Red Devils' interest in the winger.

The 27-year-old moved to Real from Spurs for £85.3 million back in 2013.

Per BBC Sport, the six-year deal he signed at the time was worth £300,000 per week.

The fact Los Blancos have extended his deal despite there being just under three years remaining on his previous contract is testament to the faith they have in him.

Bale is at his peak and should remain there for at least the next two or three seasons. His new deal is a sure sign the Liga club's hierarchy sees Bale as the man to take them forward on the pitch as the successor to the 31-year-old Cristiano Ronaldo.