According to Marca's Carlos Carpio and Juan Ignacio Garcia-Ochoa, Spurs have told Real they're willing to pay a fee between €50 million (£45 million) and €60 million (£54 million) for Bale, but they can only afford half of his €17 million (£15 million) net salary.
Regarding the report, Barnett told TalkSport's Sean O'Brien "I don't comment on rubbish."
"Nothing has changed," he added, per MailOnline's Harry Slavin.
Barnett told Sky Sports in May that Bale wants to remain at the Santiago Bernabeu, where his contract runs until 2022.
The winger looks set to play little part in manager Zinedine Zidane's plans, though. The 30-year-old did not feature in any of Madrid's final three matches of the season despite being fit.
Football writer Andrew Gaffney suggested Bale should consider taking a pay cut to return to former club Spurs, where he would likely play a key role:
Andrew Gaffney @GaffneyVLC
@WillGav Yeah, it's hard to see how they could pull off paying around 250k per week unless it's heavily bonus-related (common at Spurs). Another factor is how limited his first-team chances will be under Zidane. Is it worth taking a little less (overall) to get back playing every week?
As Tom Allnutt of the Agence France-Presse observed, money will be a stumbling block in the two clubs agreeing a deal, but Real will be eager to offload him as the transfer deadline approaches:
Los Blancos have spent more than €300 million (£271 million) this summer to bring in Eden Hazard, Luka Jovic, Ferland Mendy, Eder Militao and Rodrygo.
The club need to offset that expenditure, and given Bale is among the top earners but looks set to feature little next season, he's an obvious candidate to move on.
He would be given a hero's welcome back at Tottenham, where he made 203 appearances before his switch to the Spanish capital.
It's clear that agreeing a deal all parties will be happy with will be very difficult, but it seems like the right move for Bale.