The Daily Star says David Moyes is poised to make a big statement in the transfer window and Manchester United had planned to lodge a £60m bid for the winger.
But that move could now be thwarted by Real.
The Spanish giants are in the process of selling a raft of fringe players to fund a new bid for Bale.
The news will come as a big blow to United, who wanted the 24-year-old Welsh wizard to join Cesc Fabregas in moving to Old Trafford.
Spurs, meanwhile, maintain their prized asset is not for sale.