Real Madrid have reportedly turned down Tottenham Hotspur's proposal to use Dele Alli as a makeweight in any deal to take Gareth Bale in the opposite direction.
Bale's agent has confirmed that the Welshman is interested in a return to North London, with the two clubs currently in talks over a way to make that happen.
Madrid are desperate to offload the 31-year-old due to his mammoth wages and the fact that manager Zinedine Zidane does not consider him as part of his plans going forward.
However, the wages are also a problem for Spurs and reports had suggested that they were willing to include Alli in the deal in order to ease the financial burden.
The Express reports that Madrid have no interest in signing Alli, though, despite their ongoing desire to sell Bale.
Any deal for the winger is expected to be a one-year loan agreement, although Madrid have slashed their asking price to just £18m if any club is willing to take him off their hands on a permanent basis.
Bale scored 55 goals in 203 games during his previous spell at Spurs, winning the PFA Player of the Year twice and a clean sweep of PFA Player and Young Player, FWA Footballer and Premier League Player of the Year during his final campaign at the club.
