The report claims United chief executive David Gill approached Spurs chairman Daniel Levy about a transfer for Bale, but the north London club made it clear it would take a mammoth offer for them to even consider selling the Welshman to a Premier League rival.
Tottenham instead are hopeful that Bale will put pen to paper on a new five-year £150,000-a-week contract, as they look to stave off interest from Europe's top clubs.
Real Madrid, Bayern Munich and Manchester City have all been credited with an interest in the 23-year-old - who's 21 goals for Tottenham this term have propelled them into the Premier League top three.
Bale has previously hinted at a desire to move abroad at some point in his career, but the report claims he's keen to stay at White Hart Lane for at least another season if they qualify for the Champions League this term.
Real Madrid reportedly remain the front-runners to sign the Wales international, but United are thought to be considering a major summer transfer at the end of the season, and could rival Madrid for his signature.
A move for Cristiano Ronaldo has been mooted, and Spurs believe Bale would command a fee close to the Portugal international's £80m transfer record.
The massive valuation demonstrates Tottenham's confidence in keeping the winger amid speculation that the former-Southampton youngster could be tempted to quit White Hart Lane.
Bale's improved performances have been rewarded the past three summers, with Tottenham offering the Welshman new deals after each of the last three seasons.
Bale was reportedly a target for United when he was at Southampton. But the youngster ultimately followed fellow Southampton academy graduates Alex Oxlade-Chamberlain and Theo Walcott to north London - to Spurs and not Arsenal though.