Real have been leading the chase to sign Bale all summer, but in a new twist to the transfer saga they face competition for the Welshman's signature.
Reports in Spain over the weekend suggested Real were finally edging nearer to sealing a world record deal for Bale with Tottenham reportedly ready to do a deal with the Spanish giants.
However, it has now emerged that no deal has been agreed between Tottenham and Real and that the White Hart Lane club are weighing up offers from other clubs.
Spurs are resigned to losing Bale and now they are believed to be considering offers from another club as well as Real Madrid.
Manchester United have been credited with an interest in Bale, but it remains to be seen if David Moyes' side are the ones who have entered the race for the 24-year-old.
Bale has missed Tottenham's opening two Premier League wins over Crystal Palace and Swansea with a minor injury and Andre Villas-Boas admitted after Sunday's game with Swansea that he wanted the saga to be resolved this week.
"We've gone on with our business," Villas-Boas said when asked about Bale following the 1-0 win over Swansea.
"Gareth, unfortunately for us, hasn't been part of our squad, but we have a big squad to choose from.
"This team can only develop and we look forward towards the future.
"With Gareth or without, we can be stronger."
Carlo Ancelotti would not be drawn into discussing Bale at his latest news conference on Sunday as he kept his focus on Real Madrid's next game.
"I don't like to speak for two reasons, first of all because Gareth Bale is not a player of Real Madrid at this moment, and also because I need to have respect for my players," said Ancelotti.
"They are here and we are focusing on our game tomorrow.
"I know that at this moment it is easy to talk about the market because it is very close to the end.
"I do hope the Monday deadline will arrive very soon."