Bale, 31, has been linked with an exit from Real Madrid, where he appears to have been frozen out, with Manchester United and Tottenham Hotspur emerging as potential destinations for the Welshman.
Bale's agent Jonathan Barnett recently admitted Tottenham is 'where he wants to be' and the north London outfit are also said to be keen on the idea of getting back the player, who they sold for a then world record fee of £85m in 2013, to the club.
The Telegraph report that one option that would interest the LaLiga outfit is Bale to return to his former employers on loan and Alli going the other way. In this proposal, Madrid would need to pay half of Bale's wages and 100 per cent of Alli's salary.
Should Spurs let Alli leave, the English outfit would be able to save £150,000-a-week in wages, which they could utilise in paying Bale's £300,000-a-week wages. However, Tottenham Hotspur may have to see off competition from Manchester United, who are also considering loan move for the Welsh international.