The Times claims Spurs chairman Daniel Levy travelled to Madrid for talks with Madrid president Florentino Pérez in order to bring back the Wales international to North London before the end of January.
Bale left Tottenham for Madrid in 2013 for a then world-record fee of £85 million, and has since established himself as one of the best players on the planet, winning four Champions League titles.
The 30-year-old currently earns £500,000 a week at Madrid and it remains to be seen if Tottenham will be able to land him, though.