According to Spanish outlet Don Balon, Juventus has emerged as a realistic destination for Bale.
Juventus have apparently 'entered the bidding'’ to secure the 28-year-old’s services this summer.
And that’s because they feel he would suit the way they play under Massimiliano Allegri.
Bale joining Juventus would prevent Perez from packing him off back to the Premier League.
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Gareth Bale looks set to leave Real Madrid at the end of the season
Gareth Bale scores HAT-TRICK for Wales against China
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Florentino Perez has Eden Hazard and Mohamed Salah on Real Madrid's list of summer transfer targets
And that could come as good news to Chelsea and Liverpool.
Don Balon suggest Perez has been weighing up offering Bale in part-exchange for Eden Hazard or Mohamed Salah.
But the fact he could move to Juventus instead means the Real Madrid president may have to go back to the drawing board.
Elsewhere, Bale has been linked with Manchester United, with a potential swap deal involving David De Gea mooted.