Jonathan Barnett says that there has not yet been an offer from the Spanish giants for the Tottenham star but notes that the two clubs must "talk between themselves"
Goal reported that the Welshman has yet to put pen to paper on a new £130,000-per-week contract at White Hart Lane as the Spanish giants consider spending as much as £85 million in order to land their coveted target.
And while Jonathan Barnett has insisted that no concrete bid has been made, he opened the door for a summer move.
"Bale has not said no, nor yes," he told 'Futboleros' on Marca TV. "There's no offer from Madrid; they [the clubs] have to talk between themselves and we will see what happens.
"He was at Malaga airport [on Tuesday], he's been in Marbella on holiday. He comes back to Tottenham for pre-season training next week."
On Tuesday, Spanish media picked up on an interview given by Bale to Esquire in which he admitted that he "prefers Spanish football", but Barnett has insisted that the statements were made some time ago and only just published.
"The interview with Esquire was three months ago," he continued. "I don't know what he said."
Rumours have followed Bale all summer, with reports claiming that Madrid have reserved their No.11 shirt in anticipation of Bale's signing, while others suggest a players-plus-cash deal involving Angel Di Maria and Fabio Coentrao.