The Wales international originally left Spurs for Real in 2013 and has since won four Champions League titles with the Spanish giants.
But Bale’s relationship with Zinedine Zidane has soured in recent years and Los Blancos want to rid themselves of his huge pay packet.
The 31-year-old had been linked with Manchester United, but his agent, Jonathan Barnett, says Bale only wants to play for Spurs.
“Gareth still loves Spurs,” Barnett told BBC Sport Wales.
“We are talking [Spurs, Real and Bale’s camp]. It’s where he wants to be.”