Over the past 18 months, the Welshman has fallen down the pecking order at Real Madrid, with head coach Zinedine Zidane only using him sparingly.
Although partly due to a few injuries, he only made 16 appearances in La Liga last season, scoring two goals.
This time last year he was poised to leave Los Blancos for the Chinese Super League only for that move to fall through at the eleventh hour as Madrid feared they didn't have a big enough squad to let him go.
While Zidane has said previously its best for all parties if Bale left, Barnett insisted a few months ago that his client would be going nowhere and intends to see out the remaining time on his lucrative deal.
However, Barnett has now confirmed that talks have been opened up with regards to a sensational return to Spurs.
“Gareth still loves Spurs,” Barnett told BBC Sport Wales.
The Welshman is reportedly on £600,000 per week at the Santiago Bernabeu and Real Madrid would need to pay half of his wages at the very least if Tottenham were to entertain the prospect of bringing him back.
Bale played for Spurs between 2007 and 2013 before becoming the most expensive player ever at the time with his move to Madrid.
The talks with regards to Bale are apparently happening at the same time as negotiations for full-back Sergio Reguilon.
Manchester United are interested in both players also but have dropped behind Spurs in the race for the Madrid pair.