Tottenham Hotspur have reportedly told Real Madrid that they must significantly increase their valuation of Gareth Bale if they are to have any chance of signing the Welsh winger.
Spanish newspaper Marca claim that the La Liga champions have opened talks with Spurs over a potential move for Bale in 2013.
According to The Mirror, Real have already drawn up an opening bid of £33m but Tottenham chairman Daniel Levy wants £60m.
Bale, who has scored 30 goals in 130 Premier League appearances during his time at White Hart Lane, signed a new four-year contract in June.
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