According to the Mirror, Tottenham insist there is still work to be done though, with the clubs as yet unable to agree on which Real players will travel in the opposite direction as part of the move.
Levy wants any cash offer to exceed the world record £80 million paid by Manchester United to Real for Cristiano Ronaldo four years ago, before a player is included, the report said.
Bale is now expected to sit out Tottenham's away friendly against Monaco on Saturday, the report added.
Image: Gareth Bale
Photograph: Ian Walton/Getty Images
Is Cristiano Ronaldo set for Manchester United return?
With Zidane backing, Bale set to make Madrid move?
Spurs pay 30 million euros for Valencia's Soldado
Is Tottenham Hotspurs' Gareth Bale worth a 100 million Euros?
Ronaldo scores two as Real hit Bournemouth for six