Tottenham claim that Real Madrid are not the only club in running to sign Gareth Bale.
Spurs say that they are considering a rival bid for the Welsh star, although they have refused to divulge the identity of the second club.
Tottenham are also understood to have approached Chelsea about buying a player to potentially replace Bale, if he leaves White Heart Lane this week.
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The outcome of the Bale saga could have a bearing on other transfer deals such as Arsenal's interest in Real Madrid winger Angel Di Maria.