Daniel Levy will reject Real Madrid’s offer of cash plus players for Gareth Bale as he becomes increasingly angry with the Spanish giants.

The Spurs supremo does not want to do business that involves any Real players as makeweights and is determined to hang out for cash with his latest valuation hovering around a staggering £125million.

As exclusively revealed by SunSport the Tottenham chairman has already snubbed a world-record bid of £81m for his prized asset.

We also told you on Sunday that Real would come back with an improved cash-plus-players offer that included Angel Di Maria and Fabio Coentrao.

However The Sun understands Levy remains resentful at the way Madrid engineered Luka Modric’s controversial transfer to the Bernabeu last season.

And Levy’s anger has fuelled his determination to squeeze every last penny out of Real Madrid and get the cash up front.

A source said: “Daniel is only interested in what’s best for Tottenham.

“If he can’t keep the player which we must not forget he still wants to then he’s going to make Real pay a very heavy price.”

When Dimitar Berbatov moved to Old Trafford for £30m in September 2008 Manchester United made overtures that they wanted to pay the fee by instalments.

But Levy who reported United to the Premier League alleging they had broken transfer rules demanded and got the fee paid in one hit.

Four years later it was almost a repeat situation when Modric signed for Real in August 2012 following a bitter transfer saga.

It started in 2011 with Levy insisting the Croatian star was not for sale at any price.

Levy’s stance saw Tottenham reject bids from Chelsea of £22m and £27m for the midfield star and then Spurs snubbed a third and final offer worth £40m.

Modric was persuaded to stay for another season before making it clear to Tottenham like Bale that he wanted to leave White Hart Lane.

After a face-to-face meeting with chairman Levy in which he talked about his transfer Modric told close pals he felt he had been treated like a ‘naughty schoolboy’.

Manchester United came on the scene last summer with a £25m bid but Levy played hardball again and finally obtained a fee of £33m from Real — even though that was £7m less than Chelsea had offered 12 months earlier.