Perez claims United made a bid for Bale before the 24-year-old joined Real Madrid for a world-record fee.
Bale joined Real Madrid from Tottenham in a £86million deal earlier this month.
Perez told SER radio: “Bale has come cheaply.
“Signing the best players out there is Madrid’s philosophy and Bale was the best available player on the market this summer. We had been following him for two years.
“Tottenham did not want to sell. We learned that Manchester United had made an offer and we made one ourselves.
“Since childhood he had had the dream of playing for Real Madrid and he asked us to make it possible for him to come.”
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The start of the 2017-18 Premier League season is just around the corner and is shaping up to be one of the most competitive yet.
As always it is the so called “big clubs” that have splashed the most cash in the transfer window so far this summer. Manchester United or City? Arsenal or Tottenham? Who are the winners and losers of the transfer window so far?