Bale was expecting to seal his dream move to the Bernabeu on Tuesday.
But instead of being presented to the world’s media in Madrid, he is now being made to sweat.
Tottenham also claim to have received a counter-bid from a mystery rival but Bale, who scored 26 goals for Spurs last season, still expects to sign for Real.
Later, Manchester United manager David Moyes denied the champions had made the late offer.
"No," said the Scot when asked if United had joined the race for Bale, before adding: "I have just said Manchester United are always interested in the best players.
"The board and myself would always be looking to sign who we think are the best players, whoever they are."
The latest twist comes after the north Londoners reacted angrily to the Spaniards briefing the media on a timetable for presenting the star and the construction of a stage at the Bernabeu to parade him on.
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