Spurs chairman Daniel Levy is adamant Gareth Bale will not be sold, despite the Welshman indicating he wants to speak to Real Madrid.
The Spanish giants have stepped up their interest but Spurs are refusing to countenance selling Bale even in the face of a possible record £85m bid, reports the BBC.
Real have yet to submit a written offer but Bale is keen to explore their interest, having always dreamt of playing for the Bernabeu club.
Spurs remain hopeful they can persuade the forward, who was both PFA player and young player of the year last season, to stay at White Hart Lane for at least another season with contract talks under way.
Real are expected to formalise their interest in the coming week and test Tottenham's resolve to hang to a player who scored 26 goals in all competitions last season.
Tottenham arrived back in London on Sunday from their final pre-season matches in Hong Kong. Bale, 24, did not play in either of the club's matches in the Asia Trophy because of a muscle problem.
In May, Bale's agent Jonathan Barnett told a Spanish television show that his client would be honoured to hear from Madrid president Florentino Perez.
With Real stepping up their interest, the Bale camp this weekend told leading figures at Spurs of their client's wish to be able to discuss the possibility of a move to Spain. But Tottenham will not be swayed.
On Friday, Spurs manager Andre Villas Boas refused to answer questions on Bale's situation, except to say contact talks were continuing.
It remains to be seen whether Bale plays in Tottenham's friendly against Monaco this weekend, but in Spain there are already suggestions that new Real manager Carlo Ancelotti is preparing for the arrival of the Welshman.
On Saturday, Ancelotti moved Cristiano Ronaldo away from the left flank and into a more central role during the pre-season friendly win over PSG in Sweden, prompting speculation that the Italian is attempting to find a new system to accommodate both Bale and Ronaldo.