Levy has told friends he will not budge in his stance to ensure the Wales wonder stays for one more year.
And that means rejecting a staggering £100m offer - £20m more than Real paid Man United for Cristiano Ronaldo.
"Daniel also thinks it is for Gareth's own good. He believes he is still learning and will get better if he remains with them.
"Who knows what will happen in a year's time? The club might even lose money but Daniel is prepared gamble on it.
"He wants the best for Spurs and Gareth and even if Madrid raised their bid to £100million he will resist."