Bale currently plays for the La Liga club Real Madrid and for Wales’ national team.
When Bale's contract with Real Madrid expires this summer, he will become a free agent and is expected to be snatched by the Los Angeles Football Club.
The deal will extend a 12-month period, concluding next June. A source indicates that the deal will not require a Designated Player spot, which leaves LAFC with one DP spot open.
The 32-year-old winger started his run with Tottenham and then joined Real Madrid in 2013.
He has won five Champions Leagues, four Club World Cups, three La Liga titles and three Spanish Cups during his career in Spain.
He is known as one of the greatest wingers of his generation, as well as one of the best Welsh players of all time.
With more than 38 goals scored, Bale led Wales to their first World Cup in 50 years since their 1958 loss to Brazil.
Wales will take on the United States in Group B this November.