They are said to believe Asensio is a potential future Ballon d’Or winner while Bale’s recent form has shown he is incapable of reaching that level.
Bale was signed to spearhead Real into a new age, helping them challenge Barcelona after the signing of Neymar and lead the team in the absence of Cristiano Ronaldo.
But he has been unable to do so due to injury and inconsistent form.
Bale impressed when initially signing and has won two Champions League titles since arriving in Madrid.
But constant talk of a move back to England has followed his every move.
And now Marca believe Madrid are set to call time on the Wales star’s spell in La Liga and will look to focus on Asensio’s development.
They are said to value Asensio as a potential superstar and think he could win the Ballon d’Or in the future.
Asensio’s future has been called into question after a lack of games this term with clubs in England monitoring his situation.
Asensio broke onto the scene last season and impressed at the under 21 Euros.
However Zinedine Zidane has maintained faith in the struggling Karim Benzema and Bale when fit.
But the club are ready to make a big call on Bale’s future to give Asensio a better chance of shining.