Gareth Bale is free to join Real Madrid after Tottenham agreed a world record £86 million deal with the Spanish giants on Sunday night, the Daily Mail reports.

Tottenham chairman Daniel Levy signed off the staggering move for the PFA Player of the Year following talks with directors in the boardroom at White Hart Lane. Bale’s transfer to Real beats the previous world record of £80m which Real paid to Manchester United for Cristiano Ronaldo in 2009.

Levy returned from talks in Madrid with Bale’s agent Jonathan Barnett and Tottenham director of football Franco Baldini to watch his club’s 1-0 victory over Swansea City after agreeing the deal. It is understood that the decision to travel to Madrid to meet Perez — who is known to revel in these situations — was part of a tactic designed to get the highest possible price.

The fee represents an extraordinary return on the £7m Spurs paid Southampton six years ago and will only add to Levy’s reputation as the toughest negotiator in the game.

It also brings to an end one of the most protracted transfer sagas in the history of the game following a summer of talks.

Levy has agreed a series of discounts if Real can accelerate the three stage payments discussed during the meeting. They are staggered over the course of Bale’s incredible £300,000-a-week contract for the next six years.