The La Liga giants are reported to have agreed a deal worth around €100million with Tottenham for the 23-year-old Welsh star.

And Wenger feels such a deal would negate the impact of the financial regulations brought in to ensure clubs live within their means. 

"It makes a joke of it," the Frenchman said.

"It's quite amazing that in the year where the Financial Fair Play comes in, the football world has gone completely crazy.

"You wonder what kind of impact and effect it has on the football world. It looks like it has made everybody worse than before."

Despite Tottenham being Arsenal's biggest rivals, Wenger went on to say he hopes Bale stays in the Premier League.

"It is never good to lose a big player," he added. "He is a British player and I believe it is important that the Premier League keeps the best players."