Gareth Bale's potential move to Real Madrid depends on three key events – despite his agent saying he would be "honoured" to speak to the club about the Tottenham winger.
In the first instance, Real are yet to even entertain a figure close to Tottenham's reported asking price of £50m for the Welshman, who scored 31 goals last season and scooped two player of the year awards.
If they get close to the fee demanded by Spurs, a second and third potential obstacle could be that the Spanish club must first sell both Fabio Coentrao and Angel di Maria, who are set to move on following Jose Mourinho's exit.
Bale's agent, Jonathan Barnett, acknowledged Real are interested in his client – which could yet prove to be a bargaining ploy as he negotiates an improved contract at Spurs – but reiterated the fact the player has three years left on his Tottenham deal.
Spurs are yet to open negotiations with the Real president, Florentino Perez, and Barnett added that if it ever got to the stage where the clubs begin to negotiate, the fee would be "much more" than the £50m paid this week by Barcelona for Neymar.
Barnett said: "If Florentino is interested in Gareth Bale it would be an honour and we would listen, but Gareth's contract is with Tottenham.
"We aren't free to speak to anyone. I do not know if there has already been an offer. What I know is that the player has three years left on his contract." Barnett added talks have also not yet started with Tottenham over an improved deal to keep him at White Hart Lane.
On the fee paid for Neymar, Barnett said: "[Bale] is a better player than Neymar and he has shown that in one of the best leagues in the world – the Premier League."
Real and Tottenham forged a partnership last summer as part of the £30m deal that took Luka Modric to the Bernabeu. And Daniel Levy, the Spurs chairman, showed by snubbing Chelsea's bids for the Croatian that he drives a hard bargain.
He has already gone on record to say he will do all he can to keep Bale and other key players at the club.