And the answer appears to be a resounding "Don't know" with even Spurs manager Andre Villas-Boas unsure what is happening, although Real do have a plan in place for the player's unveiling, according to one report.
Chelsea striker Fernando Torres may on his way out of Stamford Bridge after the arrival of Samuel Eto'o, while Manchester United have received a quote from Everton for Marouane Fellaini and Leighton Baines.
But who else is making the headlines on the back pages of Friday's newspapers? Read on to find out more.
Another day, another Bale article. Hopefully it will soon be over for everyone, though.
Tottenham manager Villas-Boas claimed after the Europa League win on Thursday that he did not know if the proposed world-record transfer to the Bernabeu was any closer.
But Pete Jenson of the Daily Mail claims that Real may have to dismantle the stage they erected at the Bernabeu in preparation for Bale's unveiling.
Wenger is set for a triple swoop on Real Madrid after a nightmare Champions League draw, according to Sami Mokbel of the Daily Mail.
The Gunners have been encouraged by Real to make a £70 million move for Angel Di Maria, Mesut Ozil and Karim Benzema, claims the article.
Arsenal have been paired with Olympique de Marseille, Borussia Dortmund and Napoli in the Champions League group stage draw, and they are working frantically to conclude a deal before the transfer window closes on Monday, says Mokbel.
Chelsea will listen to offers for striker Torres after Eto'o joined the club on Thursday, reports Darren Lewis of the Daily Mirror.
The 29-year-old, who joined the Blues for £50 million from Liverpool in January 2011, has slipped down the Stamford Bridge pecking order and faces a fight for his World Cup spot with Spain, according to Lewis.
However, the Metro reports that Torres could make a stunning return move to Anfield, while Arsenal are also monitoring the forward's situation.
Everton are demanding £25 million each from Manchester United for Fellaini and Baines, reports David Anderson of the Daily Mirror.
United manager David Moyes saw a £36 million offer for both players rejected by the Goodison Park club, according to Chris Bascombe of the Daily Telegraph.
Anderson believes Everton are more willing to negotiate with United over Fellaini but are unwilling to let left-back Baines leave.
Meanwhile, United have rejected a loan offer for Shinji Kagawa from Borussia Dortmund, reports Mark Ogden of the Daily Telegraph.
The 37-year-old has fallen behind United States international Brad Guzan at Villa Park, and the Merseyside club have been given the green light to talk to Given, claims Thomas.
The same report also says Liverpool will resurrect their interest in Sporting Lisbon defender Tiago Ilori.
Manchester City are weighing up a £40 million offer for FC Porto defender Eliaquim Mangala, claims David Anderson of the Daily Mirror.