The Daily Mail says Levy will justify their new contract offer, in excess of £150,000 a week, by saying that it is based on Bale's huge commercial value to the club.
Bale, 24, appears on virtually every promotional item at Spurs and Levy recognises that he is now the face of the club.
Levy is refusing to sell Bale this summer, but he does recognise the allure of the Bernabeu and the offer of a £200,000-a-week salary with Real Madrid.
Incredibly, Bale is unfazed by the prospect of Real Madrid's £80million bid for him. Instead, the Spurs flyer, who missed Wednesday's defeat against Sunderland in the Asia Cup with injury, is happy to stay at White Hart Lane.