Bale's new deal is his reward for helping Spurs to clinch a top-four finish in the Barclays Premier League.
However Harry Redknapp, who celebrated being named the Barclays Premier League Manager of the Year, insisted that he would not receive a bonus for clinching a shot at the Champions League.
Fine form: Gareth Bale has impressed on the wing for Tottenham
Pointing the way: Redknapp is keen to clinch a new deal
'I never got one single penny bonus,' said Redknapp.
'I didn't ask for a penny and will not receive a penny. My job is to finish as high as I can and that's what I did.'
Wales international Bale is set to earn £50,000 a week after producing some exhilarating displays on the left wing.
The 20-year-old, signed from Southampton three years ago, attracted the attention of Manchester United but Spurs have now put the golden handcuffs on the talented star.
Redknapp said: 'It's very important to have his future secured. He's still young and has become as good a left-sided player as there is in the Premier League. You have to keep your best players and we're a club looking to progress.
'Gareth agreed a deal before we got fourth place and the Champions League qualifying spot. He's happy. And now there aren't too many clubs above us, only three in the league, and he's not for sale.'
But Bale has also been through the bad times and Redknapp added:
'He went through that run. It's not a nice feeling that every time heplayed we couldn't win. We then managed to win with him - and the confidence went high. It was important for Gareth to get that first victory and he hasn't looked back. He has been playing further forward but he will become a great left-back eventually.'
Delighted Bale said: 'The deal was actually agreed a while ago and I signed last week. It's been great to get back in the side and do well, and to top that off by qualifying for the Champions League is fantastic.
Over to you: King (second right) should join Bale in signing a new contract
'We could yet finish third if we manage to beat Burnley and Fulham topple Arsenal. We will give our all at Burnley, try to win and you never know.'
Despite his joy over clinching at least fourth place with the 1-0 winat Manchester City, Redknapp leaves the laps of honour to his players.
'I don't want to be doing a lap of honour and jumping up and down. It's not my game, really. My coaches, Kevin Bond and Joe Jordan, have been fantastic for me, Clive Allen too, and Tony Parks for his work withthe keeper. They wouldn't want to do a lap of honour.'
The manager also spared a thought for defender Jonathan Woodgate, in Australia amid all the celebrations trying to rescue his career due to agroin injury.
Redknapp said: 'Can you imagine what his life has been like? I got a text from him the other day. He has treatment and gym work all day. He'sbeen very low, stuck in a little flat. You're better off with a broken leg. No-one can get to the bottom of his injury. He's had a nightmare.'
Arsene Wenger is determined Arsenal's season will not end in a nightmare despite failing to win a trophy for the fifth season in a row.
He said: 'We have enough pride and quality to finish the season well against Fulham to secure the third place.'
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