Premier League clubs look certain to take their expenditure to unprecedented levels before the 11pm deadline on Monday with Manchester United, Liverpool, Everton, Tottenham Hotspur and Arsenal all trying to pull off big-money deals.
Chelsea are also considering a dramatic move for a striker with manager Jose Mourinho unsure of his present attacking options despite the arrival of Samuel Eto’o last week, although any such a move may be contingent on finding a club for Fernando Torres first.
Another Chelsea striker, Demba Ba, could join West Bromwich Albion in a loan deal with a £3 million fee.
Spending by English clubs stood at around £470 million on Sunday, only £30 million less than the record £500 million spent in the summer of 2008, but a flurry of major deals are being negotiated.
Madrid hope their protracted signing of Bale will be confirmed after Tottenham’s game against Arsenal on Sunday, and the Welshman would then be presented at the Bernabéu on Monday evening.
United want to sign two midfield players, with a move for Everton’s Marouane Fellaini for £25 million closest to completion.
Wigan Athletic’s James McCarthy is lined up as Fellaini’s £15 million replacement at Goodison Park.
Everton may also take Gareth Barry from Manchester City – who are signing Atlético Madrid defender Martin Demichelis – but only if a huge reduction in his pay can be agreed.
United are less hopeful of securing Leighton Baines and could even turn to Portuguese international Fabio Coentrao, who can leave Real Madrid – but that interest might be to try and force Everton into a deal.
Everton rejected a £38 million offer for Baines and Fellaini last week.
Baines, like Felliani, has asked Everton to allow him to leave but the negotiations have gone smoother for the Belgium international.
A fresh bid by United is expected for the Athletic Bilbao midfielder Ander Herrera – due to play against Real on Sunday – but although they are likely to go close to the £30 million release clause in his contract, having had an original £21 million offered rejected, they still believe that valuation is too high.
Whether United return with an improved offer for Roma’s Daniele De Rossi, having bid £10 million, remains to be seen.
Liverpool, who United face on Sunday at Anfield, were completing the arrangements, on Saturday, on a season-long loan deal for Chelsea’s Victor Moses, and are closing in on two defenders – Sporting Lisbon’s Tiago Ilori and Paris St-Germain’s Mamadou Sakho.
Arsenal’s hopes of signing Schalke’s Julian Draxler hinge on bidding around £40 million, which would be a bold move for the 19-year-old attacking midfielder.
There were suggestions on Saturday that Arsenal might offer Lukas Podolski in part-exchange.
Wenger is also interested in a move for Kaka – who is desperate to leave Real and most likely to return to AC Milan – having also been linked to a host of other players, including Ángel di María and Karim Benzema, at the Spanish giants.