Exclusive: Tottenham looking to re-sign Gareth Bale from Real Madrid in potential swap deal with Dele Alli

Tottenham Hotspur chairman Daniel Levy is trying to find a way of re-signing Gareth Bale in a move that could see Real Madrid attempt to take Dele Alli as part of what would constitute the most eye-catching deal of the transfer window.

Bale, for the first time, is prepared to consider a return to the Premier League and his agent has admitted Tottenham is “where he wants to be”, although Levy could yet face competition from Manchester United, who are also considering making the Welshman an offer.

Telegraph Sport understands one proposal that would interest Real is for Bale to return to Tottenham on loan, paying 50 per cent of his wages, with Alli  moving in the opposite direction and Real paying 100 per cent of his salary.

Whether or not that interests Levy remains to be seen, but it would allow Spurs to re-sign Bale and pay him £300,000-a-week, £150,000-a-week of which would be financed by the saving made on Alli's wages. It would leave open the question of what happened to both players at the end of this season - although that would be shaped by their performances over the next eight months.

Regardless of whether or not a deal involves Alli, Bale’s agent Jonathan Barnett has confirmed that all parties are in talks over the player’s return to Tottenham.

"Gareth still loves Spurs,” said Barnett. “We are talking (Spurs, Real and Bale's camp). It's where he wants to be."

Real and Tottenham have already been in negotiations regarding left-back Sergio Reguilon, who now looks set to move to North London on a permanent transfer.

Bale would consider leaving Real on loan, something that the player has always previously dismissed, if a permanent transfer cannot be negotiated.

The emotional pull of returning to Tottenham, where he became one of the most popular players in the club’s history, could hand Levy an advantage if he can somehow make the finances work.

Bale has previously not entertained a return to England, but he now feels the time might be right to play the final years of his career out in the Premier League and leave behind the non-stop criticism he has faced in Madrid over the past couple of years.

Sources claim that Levy is obsessed by the idea of getting Bale back to Tottenham, although he would want to know that Mourinho was on board with such a big and complicated signing.

Bale spent six seasons at Tottenham, scoring 55 goals, before joining Real for a then world record £85m in 2013 and he went on to win four Champions League titles and two La Ligas with the Spaniards.

Allowing Alli to join Real, who have enquired about the England international on more than one occasion, and adding Bale to the Tottenham squad may solve a potential issue for all parties.

Alli was substituted at half-time in Tottenham’s opening Premier League defeat to Everton after which Mourinho accused his team of being lazy.

Mourinho described Alli as being lazy in the club’s much-hyped documentary, in which Levy also acknowledged that the player was struggling to show his best form.

But it was Alli who scored some vital goals for Tottenham last season following the arrival of Mourinho and he played an important role in the club eventually securing a place in the Europa League.

Mourinho’s half-time substitution of the player last Sunday raised fears that Alli faces a battle to play regularly under the Portuguese this season, which would harm his prospects of regaining his England place in time for next summer’s European Championships.

While Levy needs no convincing that re-signing Bale would be a good move, United manager Ole Gunnar Solskjaer would want assurances that the former Southampton youngster would relish the challenge of moving to Old Trafford.

Bale is seen as a realistic alternative target to Borussia Dortmund’s Jadon Sancho and United believe he could be a big asset to the squad with his ability to play anywhere across a front three and his experience of winning the biggest competitions.