Tottenham Hotspur have denied that their "partnership agreement" with Real Madrid means the Liga club have first refusal on their star players.
On Monday, it was confirmed that Luka Modric has joined Madrid in a €37 million deal that also includes a "partnership agreement" that will see future player and coaching exchanges between the two clubs, as well as friendly matches.
Speculation has subsequently suggested that Real could target the likes of Gareth Bale in the future, with their manager Jose Mourinho an admirer of the Wales international.
However, a Spurs source has told ESPN: "Speculation, that's all it is. All the talk about Bale and Real is speculation. Spurs' partnership with Real Madrid does not cover this sort of thing."
ESPN sources have indicated that Spurs chairman Daniel Levy considers Bale's value to be £60 million. The 23-year-old signed a new four-year contract with Tottenham in June that ties him to White Hart Lane until 2016.