The 24-year-old has been a target for the Spanish giants throughout the summer, and the long-running saga over his world-record transfer is set to come to an end within 24 hours.
The Wales international will become the world's most expensive player in a £93 million deal, according to Lustig.
Real Madrid defender Fabio Coentrao is set to join Spurs as part of the deal, according to the report.
Tottenham technical director Franco Baldini is currently in Madrid to finalise the move for Bale, which will also see Erik Lamela join the White Hart Lane club from AS Roma, says Lustig.
Bale joined Spurs from Southampton in 2007 and has scored 42 goals in 146 Premier League appearances for the White Hart Lane side.
The report claims Bernabeu president Florentino Perez wants to maximise the arrival of Bale in the midday kickoff to television audiences in the Far East and Asia.
As reported by The Guardian, The North London club are also hoping to add Willian to their squad from Anzhi Makhachkala in a £30 million deal, which will take their spending during the current transfer window to almost £90 million.
Spurs have recouped £23 million from the departures of Steven Caulker, Clint Dempsey, Scott Parker and Tom Huddlestone this summer.