Gareth Bale returned to training with Tottenham on Tuesday ahead of his club’s decisive talks with Real Madrid, due to take place in the next 48 hours, over the Welshman's potential world record transfer.
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The clubs are yet to agree on either a transfer fee or payment structure, with Spurs demanding £100 million for Bale and Levy increasingly determined to stick to his guns. He has been angered by Madrid's very public pursuit of the attacker and the tactics used by Bale's camp to engineer a move.
Madrid are hoping for a swift resolution to their pursuit of Bale, and Goal understands they even plan to delay the official announcement of Cristiano Ronaldo's new contract with the club until after a deal is completed for the double Premier League Player of the Year winner.
Los Blancos are understood to be close to agreeing a new contract worth €17 million (£14.6m) per season until 2018 with the former Manchester United winger, ending prolonged speculation that he could quit the Santiago Bernabeu at the end of his contract in 2015.
Bale, meanwhile, is desperate to move to the Santiago Bernabeu this summer and fears he may not get another chance to complete his dream transfer having been told it's 'now or never' to join Carlo Ancelotti’s side.
The former Southampton man is not considering a formal transfer request and does not want to jeopardise his strong relationship with the club and their fans, but he has told Levy that he wants to join Madrid.
Bale's agent, Jonathan Barnett, had been quoted in Spain suggesting Bale may not train with Spurs having been disappointed by comments from manager Andre Villas-Boas over the weekend claiming his star man is not for sale.
But Bale has reported for duty and, indeed, was at Tottenham's training ground on Monday for treatment on a foot injury.
While the 24-year-old is unlikely to play in Spurs' final pre-season fixture against Espanyol on Saturday, he does not want to risk provoking the Londoners as talks over his future enter a crucial phase.
Spurs were stunned by Bale's desire for a transfer during the Barclays Asia Trophy in Hong Kong but have been making plans for his potential departure.
Two Real Madrid players, Alvaro Morata and Fabio Coentrao, are of particular interest and could be included in any agreement for Bale, although swap deals are rare and such transfers are more likely to happen in separate deals.
Liverpool striker Luis Suarez and Roma's Erik Lamela are ambitious targets in the event of Bale's departure, with Villas-Boas targetting four players to replace last season’s PFA player of the year.
Tottenham have already spent heavily this summer and confirmed the £25.9m arrival of Roberto Soldado on Monday, with the Spain international joining new recruits Paulinho and Nacer Chadli.