Florentino is upset over United interfering with Bale's new contract talks and has had agent Jorge Mendes contact Jose Mourinho urging him to leave the Welshman alone.
Don Balon says United are in talks with Bale's agent, Jonathan Barnett, with a contract offer worth €20 million-a-year.
Barnett is using the offer as a bargaining chip in negotiations with Florentino. He is seeking €17 million-a-year for Bale.
However, Florentino has no plans to meet Bale's demands.
And via Mendes, he's warned United the only way they'll sign Bale is if they meet his €1 billion buyout clause.