The Wales international was always expected to reach an agreement with Madrid over a contract, and the BBC reports this confirmation has no bearing on when Tottenham and Madrid will chose to announce the deal.
But the agreement moves the transfer a step closer, and now all that remains to be agreed is the structure of the potentially world record breaking offer.
Real Madrid have reportedly submitted two separate offers, with Tottenham left to decide on their preference.
The first is a £86m package that would break Cristiano Ronaldo's world transfer record, but that fee would be spread out over several seasons.
Alternatively, Real Madrid have also made a £70m bid that would be paid in one lump sum to Tottenham.
The BBC report claims the fact that Bale has agreed personal terms with Madrid does not mean an announcement is expected anytime soon, as it has no bearing on negotiations between Spurs and Madrid over which method of payment is preferred.
The 24-year-old has been the subject of a summer-long transfer saga, with Madrid publicly courting the Wales forward.
And Tottenham have moved quickly to tie up deals for several new recruits as they look to mount a top four challenge.
The White Hart Lane club announced the capture of Erik Lamela from Roma earlier today.