The Welshman has been a close-season target for the Liga giants, but the London club have reportedly placed a £100million price tag on their star man.

However, Raul, who scored 323 goals in 741 appearances for Real, insists that figure is too high - even for a player of Bale's quality.

"(Bale is) a brilliant player and would bring a lot to Madrid, but he’s very expensive," Raul told his club's official website.

"Tottenham have overestimated his price."

Carlo Ancelotti's Real Madrid got their domestic campaign under way with a 2-1 win over Real Betis on Saturday and Raul has backed the Italian to win trophies with the club. 

"(The board) are professional and are working to achieve good things for the team," he continued.

"Mourinho did well with the team and Carlo Ancelotti is one of the best coaches in the world and he’ll win trophies."

Raul's Al Sadd are due to play Real in the Bernabeu Trophy on Thursday.