Madrid say the 24-year-old Welsh winger will sign a six-year contract, pending the completion of a medical, and it is believed he will cost them 100m euros (£85.3m).

He will be presented as a Real player at noon UK time on Monday, in front of 80,000 fans at the Club's Bernabeu Stadium.

Bale has released a statement in which he said: "I have had six very happy years at Tottenham but it's the right time to say goodbye.

"We've had some special times together over the years and I've loved every minute of it.

"I would like to thank everyone at the Club; the Chairman, Board, staff, coaches and players and, most of all, the fantastic fans, who I hope will understand this amazing career opportunity.

The 24-year-old has rarely been out of the headlines throughout the summer over a possible move to the Spanish giants for a world-record £86m fee.

Bale has failed to report for three days of training this week and has been reported to be "furious" with Spurs over the handling of the situation.

Real remain confident they can finally get their hands on the Welsh star and their disgruntled vice-president Fernando Fernandez Tapias said: "I think it will happen but I cannot make any firm promises.

The Bale saga has dominated the summer headlines, and although the Spurs boss insists no move is imminent, he was again forced to answer questions about the Welshman's future after their 5-2 friendly defeat by Monaco.

Bale was not involved in that match because of injury but Real are keen to wrap up a possible world-record deal for the 24-year-old before the start of the season and Ancelotti revealed talks were underway earlier in the week.

"These rumours of an imminent transfer are not true. The only thing we have communicated with Real Madrid is that he is our player and he is not for sale.

"Gareth is a guy I really like. We are talking with Real Madrid because there is respect between the two clubs following the transfer last season of Luka Modric.

"We are building a great team for next season. We envisage the future with Gareth. But we know that in football anything is possible."

When asked if he felt Ancelotti was in the wrong, Villas-Boas said: "I think so, in my opinion.

"Carlo is a person I appreciate a lot and we have great respect for each other, but bearing in mind this situation they have decided to make it public.

"Normally in situations like this it is scrutinised by the Football Association with lots of care and attention. We have seen lots of people speak about a player that is not theirs and we are due some respect."

Spurs are yet to comment on the world record bid of more than £85m lodged by Real several days ago and have not wavered publicly on their stance that the player is not for sale.

In the meantime, Bale spent around five hours at the club's north London training centre on Tuesday and underwent treatment on a muscle injury, departing shortly after 2pm.

And, according to Sky sources, the 24-year-old took the opportunity while there to reiterate his desire to leave for Spain.

Villas-Boas said at the weekend he was hopeful of having Bale fit for a friendly against Monaco this Saturday, but the concern now for Tottenham supporters is whether last season's double Player of the Year will be around for the start of the new season.

One former Spurs player, Jamie Redknapp, told Sky Sports' Football Season Preview show he believes it is now inevitable Bale will leave for Madrid, saying the club "always sells at the right price."

And Real's charm offensive continued on Tuesday when Sergio Ramos joined club captain Iker Casillas and director Zinedine Zidane in talking up a move.

Real's offer is understood to be for cash despite reports suggesting former Spurs midfielder Luka Modric, now at the Bernabeu, might form part of any deal.

Watching from the sidelines are Bale's former club Southampton, who are in line to pocket 2.5% of any transfer fee.

But that pales in comparison to the 15% sell-on they are believed to have agreed at the time of his 2007 move to White Hart Lane.

Southampton waived that clause at a time when they were in financial difficulty, instead receiving around £1.5m and goalkeeper Tommy Forecast, and now stand to earn just £2m as opposed to £13m if Real sign Bale.