Wales forward Bale had been linked with a move away from the Bernabeu after failing to hold down a regular first-team spot under previous coach Zinedine Zidane last season.
But Ronaldo’s £99m switch to Juventus means Bale is back in favour.
The 29-year-old joined Real Madrid for £87m in 2013 and has since won the Champions League four times, scoring twice in the 3-1 final victory over Liverpool in May.
Lopetegui said Bale had “worked extremely well” with France forward Karim Benzema in training, adding: “If this is the squad I have at start of season I will be a happy man.”
Lopetegui speaking at a news conference before Real play Manchester United in the International Champions Cup friendly series in Miami on Tuesday, he dismissed talk of a possible move to the Premier League club for Bale.