Manchester United and Chelsea are reportedly planning to smash the world transfer record for Real Madrid forward Gareth Bale this summer.

Bale has been a huge hit at Real Madrid since signing from Tottenham for a world record fee of £85million back in September 2013.

The 27-year-old committed to a new six-year deal last October amid reported interest from Manchester United.

However, Bale’s new contract has failed to deter United and current Premier League leaders Chelsea, who are prepared to spend as much as £172m to bring the striker back to England before next season.

United broke the transfer record set by Bale last summer when they paid £89m to bring Paul Pogba back to the club.

Now manager Jose Mourinho is believed to have significant funds at his disposal this summer in order to make another marquee signing.

During his time with Madrid, Bale has won the Champions League twice, as well as domestic competition the Copa del Rey, and is on course to complete his Spanish set this year if Madrid go on to win the title.

United have cash to burn after returning to the top of the Deloitte money list while Chelsea boosted their coffers by signing a £900m kit deal with Nike three months ago.

This would be a major surprise to see Bale return to the Premier League, who currently earns £350,000-a-week after tax on his new deal.

Real Madrid have the safety net of an £865m (£1bn) release clause written into the contract.

Welshman on course to complete trophy haul in Spain and could fancy chance to add Premier League medal to collection.

While Bale is happy in Real Madrid and there are plans for him to become the main man when Cristiano Ronaldo eventually leaves, a league title victory this season would see him having claimed every possible trophy available.

Los Blancos are currently a point clear of second place Sevilla with a game in hand on their rivals.

Bale scored 65 times in 139 appearances across all competitions for Real Madrid in a period of four seasons at Bernabeu.

Source: Express