Tottenham's prized asset is still odds-on to sign for the Spanish giants but, below, Sky Bet explain who else is being backed to win the battle to secure his services.
Manchester United have been backed in from 14/1 to 6/1 since the reports emerged that Tottenham are considering bids from two different clubs. The Premier League champions had actually been as short as 3/1 earlier this summer amid a flurry of bets on the back of tabloid reports, before Madrid confirmed themselves as clear favourites with a world record bid. At 6/1, the Old Trafford club are thought to be the most likely to have lodged a rival bid as second favourites.
The Champions League holders may not quite hold the glamour of the 'Galactico' culture at the Bernabeu but they are now considered the game's leading club side. As 7/2 favourites for Europe's top-tier competition and odds-on to retain the Bundesliga, the Allianz Arena is the place to be to collect trophies. Having splashed out on Thiago Alcantara and Mario Gotze, Bayern have shown ambition to keep building under Pep Guardiola, but whether they have enough money left in the bank to financially compete with Real Madrid for Bale's services remains to be seen. Like many other outside chances, their odds have come in significantly over the last couple of days.
Much like Man City, Ligue 1 champions PSG belong in the minority of clubs who can afford to compete financially with the might of Real Madrid. Having spent heavily this summer in bringing in the likes of Edinson Cavani, the French club making an audacious bid for Bale would not be out of their new-found character. However, even if they do turn out to be the mystery bidder, it's unlikely Bale will fancy a switch to Paris, with PSG's recent investments yet to produce dividends on a European front.
Primera Liga champions Barcelona were 100/1 a matter of days ago, but a surge in interest has seen them come down to 33/1 third favourites to sign Bale before the transfer window closes. Although there's little to suggest the Catalan club are interested in opening up a bidding war with their domestic rivals, many punters believe United would not be willing to break the world record to land Bale, therefore ruling them out of the equation and lumping on the Barca value instead.
As with Barcelona, City were 100/1 just days ago, coming in to 75/1 before eventually settling at 40/1. Again, there's little substance behind the betting it would seem as City have given no indication of any interest in Bale all summer, but if anyone can afford to out-bid Real Madrid it's the 2011-12 Premier League champions. That seems to be enough to convince the punters of a bet, with the large majority of stakes being of the small variety.
Odds subject to change, click here to see all Sky Bet's Transfer Specials.