The Daily Mail reports that that Spurs will make their offer of a five-year contract worth around £40million once they have secured Champions League action for next season.
Bale signed a four-year contract worth £75,000-a-week last season, but Spurs are ready to hand the winger a new deal in order to keep the winger at the club.
Spurs chairman Daniel Levy reportedly plan to offer Bale a deal worth around £150,000-a-week.
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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.