The Blancos are readying themselves for a third successive final appearance, with an historic hat-trick of successes in their sights.
Jurgen Klopp’s Reds block their path, with battle due to commence in Kiev on May 26.
Giggs has revealed that he will be throwing his support behind Bale and Madrid, with the Wales national team boss favouring individual patriotism over collective ties to British football.
He told reporters ahead of an international friendly date with Mexico on May 29 which Bale will miss due to his European commitments at club level: “I shouldn’t say this but yeah I hope so [Bale wins].
“No obviously for Gareth, to win it four times, forgetting about the Liverpool aspect. For Gareth personally to win it four times will be magnificent.
“It would be an unbelievable achievement.”
It remains to be seen whether Bale will be awarded a starting berth by Zinedine Zidane for the Champions League final, with the 28-year-old having been benched at times this season.
He did stake a serious claim for being involved when bagging a brace in his most recent outing for Madrid, as they crushed Celta Vigo 6-0.
That display provided another example of the Blancos’ attacking prowess, with Liverpool having also been full of goals this season – led by Premier League Golden Boot winner Mohamed Salah.
Giggs is expecting an entertaining encounter when two forward-thinking teams lock horns in Ukraine, with Klopp and Zidane unlikely to oversee a cagey contest.
A man who claimed two Champions League winners’ medals during his playing career added: “It’s a fantastic game, two clubs that have got brilliant history of course in the European Cup, Champions League.
“It’s a fascinating game, a lot of quality on the pitch, especially in forward areas.
“So I’m looking forward to watching the game and seeing who comes out on top.”