Perez climbed down from talk of a €100 million bid for Bale late yesterday.
And the Telegraph says Spurs are now convinced that Real do not have the money to buy Bale and certainly not on the terms that they would demand.
Spurs are not interested in the suggestion that payments could be stretched over the term of the six-year contract Real are proposing for Bale.
Levy was persuaded to meet Pérez on Tuesday after the Real president suggested he was prepared to adjust the informal bid he had put in for Bale last month to reflect a cash-plus-players deal.
The talks broke down quickly, however, with Spurs judging that the significant valuations that Real were placing on their players – striker Álvaro Morata, winger Ángel di María and left-back Fabio Coentrao – were inflated.
Real requested more talks to take place in Miami on Thursday.
The offer was flatly refused by Levy, who is not sure about the seriousness of Real’s intent to sign Bale.
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