Bale signed a new four-year contract with Spurs earlier this summer.
Real Madrid and Spurs announced that they had formed a new alliance in the wake of Luka Modric’s transfer to the Spanish side last week.
The deal will involve “players, coaches, best practices and commercial relationships”.
The Sunday Mirror reports that the alliance will also see Real Madrid get the first chance to sign Bale should Spurs decide to sell the winger.
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.