According to BBC Sport, Tottenham are in talks to re-sign the Wales international winger.
Madrid are reportedly wiling to send the 31-year-old out on loan for this season and pay part of his 600,000-a-week salary.
Tottenham chairman Daniel Levy is trying to broker a deal and bring the Welshman back to the North London club.
Bales agent Jonathan Barnett has told BBC Sport that the winger “still loves Spurs” and that “it’s where he wants to be”.
Bale was on the books of Tottenham from 2007 until 2013 and moved to Madrid for 85 million pounds.
The Welshman has won La Liga twice and the Champions League as many as four times during his time at Madrid so far.
However, the winger has fallen down the pecking order under Madrid head coach Zinedine Zidane, and has also had injury problems.