The Spurs boss has indicated the Welsh star may be confirmed as a signing at the Bernabeu in the next two days, but would not be surprised if there continues to be delays
Bale, 24, has been linked with a switch to Madrid throughout the transfer window after a spectacular season in the Premier League, which saw the winger net 26 goals in all competitions.
And the Wales international now finally appears set to secure his long-awaited switch to the Bernabeu, after Villas-Boas confirmed that the two clubs are in advanced talks over a transfer that will break the world record.
"At the moment the two clubs are speaking," Villas-Boas told reporters. "I'm not sure how much time it is going to take. It can can happen very soon, it might not happen so soon.
"I suppose it could go to the last day or it could happen in next two days. But you wouldn't expect the biggest transfer in world football to happen easily."
The transfer fee is anticipated to smash the existing world record, set by Real Madrid in 2009 when they paid Manchester United €92million for the services of Cristiano Ronaldo.
Bale's form in 2012-13 saw him complete a clean sweep of the PFA awards, with the Welshman winning the Players' Player of the Year and PFA Young Player of the Year.
Bale joined Tottenham in 2007 from Southampton for a reported fee of £7million.