Speculation regarding the Wales international’s future has resurfaced over recent weeks.
A disgruntled fan base, amid a testing season for Madrid, has also made a scapegoat of the 29-year-old after growing tired of his form and fitness issues.
Bale’s agent has spoken out in defence of his client, slamming a supposed lack of respect and branding those involved “a disgrace”.
Jonathan Barnett has also sought to play down the mounting transfer talk, with Manchester United and Chelsea being credited with interest, but Allen believes a homecoming could be the best option for a man still given the appreciation he deserves in north London.
The former Spurs striker and coach told talkSPORT of the links to Bale: “I would love to see that happen.
“Gareth Bale coming back to Spurs, with the new stadium and the way the club is moving forward, I think that would be a massive statement.
“Obviously I was there when he arrived and I worked with him for a number of years.
“I saw him become an incredible footballer, he matured as a person and he has gone to extraordinary heights and achievements.
“We don’t appreciate him enough. What he has produced at Real Madrid has been nothing short of exceptional. It’s absolutely incredible what he’s done there.
“I think Gareth has been very unfairly treated at Real Madrid. It’s just incredible they feel that way about him.”
Bale has spent almost six years in Spain, during which time has won the Liga title and four Champions League crowns.
He has also taken in three Club World Cup triumphs and passed the 100-goal mark for Madrid.
Expectation has always been high around him, though, following a record-breaking transfer in 2013 and he is not considered to have stepped out of the shadow of Cristiano Ronaldo following the Portuguese’s switch to Juventus last summer.