The current England coach, speaking on Monday Night Football, credited Jose Mourinho for the excellent job he has done at Stamford Bridge over the past two seasons - and feels the Blues are one world-class player away from becoming a dominant force.
Neville believes Bale could make the difference for Chelsea, in place of either Oscar or Ramires.
The excellent Sky Sports pundit commented: ”If he [Bale] does become available, if Chelsea win that battle and let's say they lose Oscar, or Ramires, or a player like that for £50-60 million, and they get him [Bale] for a net cost of £25m I think the rest of the teams are in trouble for the next couple of years, I really do."
Neville also believes Chelsea, having won four of the previous six FA Youth Cups, must bring through more young players from their academy.
Neville: Chelsea must give youth a chance
He believes that, with so many talented youngsters at the club, Chelsea owner Roman Abramovich must give Mourinho permission to blood through several starlets every season.
"Apparently Abramovich has been at the under-21s game today,” Neville added. “They've won four of the last six Youth Cups, that is Jose Mourinho's big thing now, longevity at a club and bringing those young players through.
"He's got fantastic young players. He said earlier on in the season he would be a failure if he didn't bring those young players through.
"If they get Bale and start to bring through the best young talent in the country, which they've got, the rest could be in a little bit of trouble in the next three or four years. They are going to have to act quickly on this."
Real Madrid unlikely to sell Bale
Real Madrid are reportedly unwilling to consider the idea of selling Bale, even though the Wales international has flattered to deceive at times this season.
Furthermore, it’s understood Bale has no plans to flee the Bernabeu, despite his struggles over the past nine months.
Real Madrid would only consider selling Bale if they had a ready-made replacement identified.
It’s believed they have an interest in Eden Hazard - Real Madrid Castilla head coach Zinedine Zidane, who could replace Carlo Ancelotti this summer, admitted as much last month - but Chelsea have no desire to sell the recently-crowned PFA Player of the Year.
Mourinho recently said that it would cost Real Madrid £100 million “plus one of their three best players” to sign the Belgium international.
Alternatively, the revered Portuguese coach said, “£100 million each leg - he’s very young.”
Oscar could still drop out of starting line-up
It’s likely that Hazard and Bale will remain with their respective employers beyond this summer, but Mourinho may opt to replace Oscar with Cesc Fabregas.
Mourinho could then sign another top-class central midfielder to partner Nemanja Matic, with Fabregas often struggling to fulfil his defensive duties in a two-man midfield.
Chelsea fans: is Gareth Bale the missing piece in the jigsaw? Have your say by leaving a comment in the box below!