The Wales talisman is no longer part of Zinedine Zidane’s plans and he admitted earlier in the week that he would be interested in a return to the league where he impressed with Tottenham.
The 31-year-old is on a bumper deal at the club which is likely to put off many potential suitors, with his current contract running for another two full seasons.
According to former Los Blancos president Ramon Calderon, Real will be listening to offers right up until the transfer window closes in October, but admitted that an agreement remains unlikely.
“I know in the last day of the transfer window last year there was an offer from the Premier League,” Calderon told talkSPORT this week.
“They offered €100m, and Real Madrid turned down that offer because they thought Bale would be a player in their side.
“He came in 2013 with a contract for six years, and the strange thing is in 2016 – with Zidane at the helm – the club extended his contract until 2022.
“I don’t know why, but at the end of 2018 when he played well in the Champions League final [against Liverpool], Zidane told the president to keep Cristiano Ronaldo and sell Bale.
“The president did the opposite, and Zidane left, and from that moment there has been a disagreement between Zidane and the player.
“And in some way I think fans are angry and annoyed because they’ve seen Bale not interested in some matches, and now they have to find a solution.”
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Before adding: “I think his agent was here yesterday trying to get a deal. But I don’t see any club paying that salary.
“And, on top of that, if Real Madrid want to get a transfer fee… that’s impossible.
“I think Real Madrid would now be willing to let him go without any transfer fee – that would be the solution – but in that case I don’t see any club paying €40m-a-year for a player who is 31 and who hasn’t been playing regularly in the last two years.”