A £13m agreement was reached between Spurs chairman Daniel Levy and the La Liga giants.
And he is now poised to be back playing in the Premier League this season.
Bale has settled on his personal terms, with Real paying part of his wages during the 2020/21 campaign.
The 31-year-old earns around £500,000-a-week, and it is believed Tottenham will cover half his salary.
Manchester United were also an option for the Wales international, who has no future at the Bernabeu under Zinedine Zidane.
However, Ole Gunnar Solskjaer's side did not make a move for him as they have always prioritised their pursuit of Borussia Dortmund winger Jadon Sancho.
That has allowed ex-United and Real manager Jose Mourinho to swoop in.
And the Daily Mail say the Portuguese boss has been key to pushing through the deal to be completed for Bale.
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A medical is still to take place with Bale yet to fly to London, although he is eager to get the deal signed.
Mourinho spoke out on the possibility of Bale being added to his squad earlier on Wednesday.
He said: "I tried to sign him for Real Madrid which was not possible during my time there.
“But the president followed my instinct and followed my knowledge and the season I left he brought Gareth to the club."
Meanwhile, Bale’s agent Jonathan Barnett told BBC Sport Wales: “Gareth still loves Spurs.
“We are talking [Spurs, Real and Bale’s camp]. It’s where he wants to be.”