Another impressive season at White Hart Lane has caused his stock to rise once again and the winger has emerged as a target for the La Liga duo who are keen to add an exciting left sided player to their ranks.
However interest from champions Madrid, managed by former Chelsea boss Jose Mourinho, and runners-up Barcelona has sent anxiety levels soaring through the roof in North London.
Earlier this month Bale admitted that would consider quitting Spurs should they fail to qualify for the Champions League and Harry Redknapp is worried he could lose his star asset.
It now seems that chairman Daniel Levy is set to loosen the pursestrings in an attempt to keep the exciting 22-year-old by making him one of the highest paid players at the club.
He is hoping that an offer of £70,000-per-week would be enough to entice the Welshman in to extending his stay and be part of the future Tottenham fabric.
A source close to Levy said: “The chairman has moved quickly to secure Gareth’s future with the club.
“There has been a lot of talk about Barcelona and Real Madrid but Gareth wants to stay and we don’t want to sell. So we are really confident the deal will be sealed very soon to kill off all the speculation.”
Bale’s current deal doesn’t expire until 2015 but Redknapp is eager to have the player tied down for the long-term as he plans another assault on the Premier League top four.
The 65-year-old saw his side miss out on a place at Europe’s top table after sacrificing third to rivals Arsenal following a mid-season slump and seeing Chelsea beat Bayern Munich on Saturday to steal the final spot.