The 23-year old Welshman has been in excellent form for his club as they seek to seal Champions League qualification. Bale has scored 20 goals in all competitions this season and Spurs are willing to offer a five-year deal worth £40million if they secure a place in the top four of the league.
Bale signed a new four-year contract last season worth around £75,000-a-week, but his reputation as a world class player has prompted Spurs to reconsider their offer.
The Welsh wizard has been compared to the likes of Cristiano Ronaldo and Lionel Messi and chairman Daniel Levy is keen to keep his prized asset with a offer of around £150,000-a-week.
Some European giants are already considering a move for Bale in the summer. Real Madrid, Bayern Munich and Manchester City are interested in him and are willing to pay more wages.
Levy feels Bale is worth around £60 million but clubs like Real are ready to offer nearly £35million to £40million, however, Levy will not reduce Spurs' valuation.
Bale will face Inter Milan on Tursday night in the Europa League. A repeat of the fixture in the Champions League back in 2010 when the 21-year old Bale smashed a hat-trick at San Siro but Spurs lost the game, but they recovered with 3-1 win at White Hart Lane.
The Welshman was at Old Trafford to watch Manchester United take on Real Madrid on Tuesday night.