ESPN was told at the weekend that Spurs had yet to respond to Madrid's €100 million (£86.3m) bid for Bale, and the Guardian reports that the Wales international has been left "distraught" by the club's refusal to consider the offer, which exceeds the record £80m fee the Spanish club paid Manchester United for Cristiano Ronaldo in 2009.
There have also been reports suggesting Levy has cut his holiday short in order to hold crisis talks with the Wales international.
Bale's contract is due to expire in 2016 and Spurs have stressed on numerous occasions over the summer that the player will not be sold, but head coach Andre Villas-Boas - who had last week insisted the player was "not for sale at any price" - sounded less defiant on the subject over the weekend
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