Bale will be offered an £8million-a-year deal over the next five years, that will make him the highest paid player in the club's history, after another scintillating season for Spurs, during their march towards Champions League qualification in 2012/13.
The 23-year-old has scored 20 goals in all competitions for Tottenham this campaign, and manager Andre Villas-Boas feels his consistent level of performances puts Bale in contention for the Football Writers' Player of the Year award.
His fine form has not gone unnoticed among Europe's elite, either, with Real Madrid, Bayern Munich and Manchester City all having been credited with an interest in signing the former Southampton starlet at the end of the season.
Such speculation has prompted Spurs into action, as they weigh up an offer for their prized asset, with Bale set to pocket wages of around £150,000-a-week to extend his stay at White Hart Lane.
Bale signed a four-year extension worth a basic £75,000-a-week last season, which ties him to the club until 2016. But, in light of his increasing influence in Villas-Boas's first-team, chairman Daniel Levy is ready to break his wage structure in a bid to secure the player's future.
Champions League qualification will be instrumental, both in terms of meeting Bale's ambitions to test himself at the highest level, and the added income which will help offset any extra money they give to their star man.