The Welshman could leave Santiago Bernabeu this summer.
According to reports, the Premier League duo is monitoring the Welshman, who is set for exit talks with manager Zinedine Zidane.
Bale recently took a swipe at Madrid for not letting him leave the club against his interest. It was reported that a deal was in place between Bale and Chinese club Jiangsu Suning before Los Blancos hindered it.
The Welsh winger said: ‘Last year they blocked everything at the last second, so it was a project that I was excited for last year but it didn’t materialise. There have been other incidents when we’ve tried to go but the club wouldn’t allow it or have done something, so as for the club, what can I say?’
Bale also added that he hasn’t put aside the possibility of returning to the Premier League as he is motivated to play more despite becoming a fringe figure at Bernabeu.
Man Utd are said to be keen on the 31-year-old as they continue their search for alternatives to Jadon Sancho. Douglas Costa has emerged as a potential target, while Bale also could be a short-term option.
Meanwhile, Spurs boss Jose Mourinho wants to bring his former protege back to North London, with the Portuguese manager aiming for a top-four finish next season. However, there is no certainty over the deal given Tottenham’s lack of funds.
Similarly, another Los Blancos outcast James Rodriguez is set for an exit, with Everton turning out to be the possible destination.