The deal had been expected to go through at the start of the week, but the English outfit do not want to sanction the Welshman's departure until a replacement has been signed
Real Madrid vice-president Fernando Fernandez-Tapias has accused Tottenham of "stalling" the club's bid to sign Gareth Bale.
Los Blancos had been expected to complete the deal earlier this week, and had even constructed a stage on which to unveil the 24-year-old attacker at the Santiago Bernabeu, only to be forced to dismantle it as the transfer was held up by Spurs' desire to sign a replacement before selling the Wales international.
While Fernandez-Tapias is still confident that Madrid will belatedly get their man, he admits that the Liga giants have been frustrated by Tottenham's behaviour.
"There are problems, but I think it will all be straightened out," he is quoted as saying by AS. "We thought he'd be here, but he hasn't even flown to Madrid yet, although it could still happen
"I think it will happen, but I couldn't swear to it completely. We have to wait, because Spurs are stalling."
Fernandez-Tapias argued, though, that Madrid are more than capable of challenging for titles even if the deal does not go through before the close of the transfer window on September 2.
"I have no doubt of Bale's ability, but without Bale, Real are still a force to be reckoned with - we have an amazing team," he declared.
Bale, who scored 26 goals in 44 appearances for Tottenham last term, is reportedly set to join Madrid for a world-record fee.