Gareth Bale
Gareth Bale's proposed move to Real Madrid move has been put in doubt after comments from president Florentino Perez. [Reuters]

Real Madrid president Florentino Perez has revealed that the club will not be held to ransom over Gareth Bale and that the Spanish giants will not meet Tottenham Hotspur's £85m valuation.

Bale has been linked with a possible switch to the Bernebeu for the majority of the summer and it had seemed as though a deal would soon be agreed after reports that Perez was due to meet with Tottenham chairman Daniel Levy.

It had been suggested that that Madrid were keen to offer the services of either Fabio Coentrao or Angel di Maria, as well as a substantial cash offer but reports state that Tottenham would not consider selling for less than £100m.

Madrid already own the world record for a transfer fee after spending £80m on Cristiano Ronaldo, but Perez has suggested that he would not be prepared to spent more than £85m on Bale.

"We talk with lots of people and we will see what happens in all our negotiations, with this player [Bale] and with others," Perez told ESPN. "We do not usually talk about other players out of respect to the player, the club and the president, with whom I made a good friendship last season during the signing of Luka Modric.

"If I do not talk about names, I do not talk about money. [But] €100 [£85] million seems a lot to me, a lot for everything. I do not talk about players nor money because I should not and cannot, out of respect."

Perez also addressed reports in Spain that Ronaldo had agreed a new contract, suggesting the deal had not yet been signed but that he full expected the 28 year old to commit his future to the club.

"We are all convinced that he is going to finish his sporting life at Real Madrid," added Perez. "At the end of the summer we will try and sort out this subject.

"I believe this will happen, for sure, before the end of the month, or at the start of next month. We do not have such a great hurry, when there are good intentions. We will resolve it satisfactorily. At least that is my desire."