The former Real Madrid chief has doubts whether the Welshman would improve the side, but praised the appointment of Carlo Ancelotti as coach
The Welsh winger is valued at around €120 million [£100m] by Spurs and the Blancos are locked in talks with the Premier League side over a potential switch for the ex-Southampton man.
Although Sacchi does not dooubt that Madrid could sign Bale, he believes that his former club have money firmly in mind with the attempted signing of Bale.
"€120m is a huge amount of money," he told Meridiano. "I think it's just a commercial stunt. For Real Madrid to take a British player, it's probably for sponsor-related reasons.
Sacchi had much more positive things to say about Carlo Ancelotti, who replaced Jose Mourinho as head coach at the Santiago Bernabeu this summer.
"Florentino Perez wanted Ancelotti at Madrid for some time," the Italian revealed. "He was already talking about him when I was there [2004-05] and I am not surprised that in the end he went there really.
"He's a great coach and he has everything to win trophies and do well at Madrid."