Real Madrid president Florentino Perez would class any bid for Gareth Bale as an "investment" following reports a world record offer is being lined up for the Tottenham star.
Speculation has claimed that Real are willing to offer Spurs more than the £80million the club paid to Manchester United for Cristiano Ronaldo in an attempt to sign Bale.
Spurs chairman Daniel Levy is determined to hang on to Bale and there have been rumours of talks over a new contract for the Footballer of the Year.
Perez has claimed he spoke to Levy last year and reiterated that Real would be interested in bringing a player of the Wales international's calibre to the Santiago Bernabeu.
"He's one of the big players out there in Europe and Real Madrid always likes big players," Perez told Punto Pelota.
"I met Tottenham chairman Levy last year and he has an obligation to defend their interests.
"Regarding the figures spoken about Bale, players are neither cheap nor expensive, but an investment. Most expen...