Bale scored a fantastic brace, including a stunning last-gasp winner, as Spurs moved up to third with a 3-2 win over London rivals West Ham.
When asked if he felt Bale could win the player of the year award, Villas-Boas replied: "I think so, it would be truly deserved, but it's not up to me to make that consideration. But you have to recognise he's having a tremendous season. So probably a contender, he is for us, hopefully he can get there."
The Portuguese added: "He is a great, great talent and to see him keep trying in the last minute exemplifies the talent that he is.
"Taking the ball, receiving it, getting fouled in between, getting up - he has got stick for staying down - but he gets up and gets on with business and managed to score a great goal."
The 23-year-old opened the scoring before the Hammers hit back through an Andy Carroll penalty and a well-taken Joe Cole effort. Substitute Gylfi Sigurdsson scored his first league goal to equalise for Spurs before Bale claimed the points for the visitors with a brilliant long-range effort.
West Ham manager Sam Allardyce had suggested in the lead-up to the game that Bale's valuation would sit somewhere around the £50million mark and admitted the former Southampton youngster leaves defenders in a quandary when it comes to stopping him.
"If you get too tight he skips past you, if you stand off him he hits them like that [the winning goal]," he said.
"You have got to admire the quality of the goal. We've heard a lot about Michu at Swansea and what [Robin] Van Persie has done for Manchester United but at the moment there's nobody doing more for a football club than Gareth Bale for Tottenham, by the quality of goals he is scoring and consistent level of goals.
"I am not sure anybody else has scored for them recently, and every goal he seems to be getting is outside the box as well."
Source: PA
Source: PA