Florentino Perez is planning a huge summer spending spree as he attempts to secure the services of Tottenham's Gareth Bale, in order to retain his position as the president of Real Madrid.

The 66-year-old, who is one of Spain's richest businessmen, is bidding to be elected for the fourth time and knows that it is imperative that he delivers more massive names for Real Madrid this summer.

A report in Spanish publication Punto Pelota states that Perez will attempt to sign Bale, Manchester City striker Sergio Aguero and Sevilla midfielder Geoffrey Kondogbia who has been mooted as a potential long-term successor to Xabi Alonso.

However, in order to afford Bale, it seems Madrid are prepared to sell three of their current squad with left-back Fabio Coentrao, striker Gonzalo Higuain and midfielder Kaka all said to be surplus to requirements.

While Kaka has struggled in recent seasons to replicate the form that saw him one of the world's most revered midfielders at AC Milan, Conetrao and Higuain have both been regular members of the first team under Jose Mourinho.

With the Portuguese manager largely expected to exit the Bernebeu this summer, it is reported that Perez has taken it upon himself to restructure the team and his priority is to renew the contract of Cristiano Ronaldo and to sign Bale.

The Tottenham winger has been in sensational form this season and has scored 22 goals in all competitions as he has earned rave reviews across Europe.

Bale has repeatedly been compared with Ronaldo and has often been mentioned as a potential target for Madrid.

However, having previously worked with Tottenham in order to land Luka Modric, Perez knows how difficult it will be to persuade Spurs chairman Daniel Levy to part with the 23-year-old.

Perez hopes that an offer of £60million would be too good for Tottenham to turn down, and that it would appease the fans in order to help him retain his place as the club's president.