Los Blancos chief Florentino Perez has cast doubt over a move for the 24-year-old, with Tottenham holding out for a world-record fee for the Wales international
Spurs chairman Daniel Levy held decisive talks with the Madrid chief in Florida this week, with the north London club holding out for a world record bid for the PFA and FWA Player of the Year.
But Perez has refuted claims that a deal for Bale is close to being struck, and has baulked at the world-record fee Tottenham are demanding for the 24-year-old.
In an interview with ESPN, Perez said: "We have spoken to lots of people and let's see what happens in our negotiations - with this player (Bale) and others.
"We don't usually talk about other players, out of respect to the player, to the club and the president (Levy), who is a friend of mine, with whom I built a good friendship last summer during the signing of Luka Modric.
"If I don't speak about names, I won't speak about money either... If you say 100 million, that's a lot [of money] - for anything! I can't speak and I shouldn't speak - out of respect to the club (Tottenham), I can't [say any more]..."
Madrid players Fabio Coentrao and Alvaro Morata could yet be included in any deal for Bale, reducing the cash required to take the former Southampton star to the Santiago Bernabeu.
Bale scored 26 goals in all competitions for Tottenham last season and added a further 15 assists, as Spurs narrowly missed out on a place in the Champions League to north London rivals Arsenal.
His current deal at White Hart Lane runs until June 2016.