Bale on Thursday collected his Football Writers' Association Footballer of the Year award after a remarkable season which has seen him score 30 times for club and country.
The award came less than two weeks after the Professional Footballers Association rewarded him for his efforts by naming him Player of the Year and Young Player of the Year.
The more accolades the Welshman receives, the more rumours persist about a potential departure to Real Madrid, who have been monitoring the forward's progress this season.
Bale is contracted until 2016, but the speculation will surely continue well in to the summer unless he pens a new deal with the club.
"It would be good for him (to sign a new contract)," the Tottenham manager said.
"I think he deserves it for the season he's had.
"Obviously we could put to bed every single speculation that's coming out.
"It would be excellent and I think a reward for what he has achieved this season."
Although Real Madrid would be able to offer Bale a mega pay rise and guaranteed Champions League football, Tottenham remain confident of hanging on to their star man.
Bale spoke on Thursday of his desire to be playing Champions League football next term, but he showered praise on Spurs for the way they have helped his career and he also spoke of his excitement of playing in the Barclays Premier League.
It is by no means certain that Spurs will not be able offer Bale Champions League football next season, of course.
Although Wednesday's 2-2 draw at Chelsea left the north London club one point behind Arsenal, Spurs have a winnable game against Stoke this Sunday, meaning the Gunners could be behind their neighbours by the time they take on Wigan next Tuesday.
"Hopefully there will be more twists and turns," Villas-Boas said.
"We have to do our job in the two remaining fixtures and it's time for somebody to slip up.
"At the moment, we can only focus on ourselves, try to get the maximum points possible and wait for something to happen.
"Premier League can change in a weekend. Everything is still a possibility."
With Chelsea able to seal a top-four finish on Sunday lunch time if they beat Aston Villa, it now appears a two-horse race between Spurs and Arsenal for the final qualification spot.
On current form Arsenal - who are on a nine-match unbeaten run - are favourites to finish above their rivals yet again, but Spurs showed resolve to come from behind on two occasions at Stamford Bridge on Wednesday night to earn a valuable draw.
They will face a totally different task at the Britannia Stadium this weekend, however.
Stoke midfielder Charlie Adam has given Bale two serious ankle injuries over the past two years, and Villas-Boas is braced for a competitive game against the Potters, who need a draw to secure their safety.
"I always considered Stoke's teams very aggressive," the Spurs boss said.
"They have an in your face style. I think they have the conditions there and the quality of individuals. Maybe they haven't scored the points that they wanted.
"Their home record last year was impressive. This season they couldn't get the results they wanted, but in the end survival is what they wanted and they are one point away from achieving it."
The good news for Villas-Boas is that midfielder Mousa Dembele, who missed the draw at Chelsea with a hamstring problem, is available for Sunday's game.