The Norwegian international midfielder is currently on a reported £23k-a- week but has just 12 months left on his deal.
The expected retirement of Gary Kelly in eight months' time will see the departure of United's long-serving player, leaving Bakke as the only member of the club's squad that served under Peter Ridsdale's regime.
If he, and Leeds, want him to stay they will not break their new pay structure to keep him.