According to Marca, it is unsure whether this is an all-cash deal or whether any Real players in the deal as makeweights. Spurs manager André Villas-Boas is reported to want Fabio Coentrao, with Ángel di María being another name being mentioned.
Spurs reportedly have asked for the deal not to be officially announced, as they want to complete the signing of two or three new players first, which will make the deal more palatable to Spurs fans.
The first to arrive will be Valencia forward Roberto Soldado in a club-record deal, as that transfer was confirmed this morning. Soldado is a big signing as Spurs really lacked a top quality striker last season as Jermain Defoe and Emmanuel Adebayor really disappointed.
If Spurs can add two more top quality player to go with Coentrao, Soldado and the the Brazilian Paulinho, who they signed for £17m earlier this summer, then I think they will have improved the squad despite losing Bale.
As for Real Madrid, the signing of Bale brings up an interesting question. Where will he play? His natural position is on the left of an attacking three, but that is where Ronaldo plays? Does the arrival of Bale mean that Ronaldo will play a more central role next season, or is there one more major transfer story to be written this summer?