The Mirror reports that Real Madrid have agreed to pay £105million for Bale, but the clubs are yet to thrash out who will move in the other direction.
Fabio Coentrao is expected to move to White Hart Lane as part of the deal and Real Madrid have withdrawn him from their friendly with LA Galaxy.
But Real Madrid will not allow Spain Under-21 striker Alvaro Morata to move to the Premier League giants.
Real Madrid are prepared to let Angel Di Maria leave, but the winger is not keen on a move to London.
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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.