There maybe something to it, but not at 110m, I can't imagine us doing that. I can imagining us offering 80m, matching the world record as a statement of intent.
The muttering in Madrid is that the price is too high. At the start Spurs were supposed to be interested in a world record bid. Madrid were believed to have offered 60m Euros (abour 50m quid) + Coentrao - somewhere close to that record and were hoping for a quick deal.
Then the 100m+ figures started appearing. Even they baulked at that, not for purely financial reasons - their marketing strategy would still see that as viable. Their fans don't want them to go that high, the pressure on Bale would be ridiculous, and now, they've even noticed that it might destabilise the team. After a few experiments, Ancelotti as much as anyone may not be ready to lose Ronaldo or to move him and he may not be keen to risk a major formation overhaul.
If you look at Madrid's midfield. They've got last year's set - Alonso, Khedira and Ozil. A new set - Modric, Casemiro and Isco. And a couple of spares - Illaramendi and Kaka. Isco, Ozil, Ronaldo plus 1 could be an amazing attack, but is the plus 1 a Bale or a more traditional striker like Benzema (or better) or maybe even Rooney. So the Madrid press are asking, does Madrid really need to spend 120m on spoiling the formation and maybe upsetting the balance in the team?
They also aren't happy with how late it's running. Modric with no real pre-season didn't get going until after Christmas. By Christmas La Liga was over.
In which case Madrid's offer may never get much past the 60m Euros + a player/s.
In other words, for us, it's on!
Or at least not an entirely stupid idea.
edited because the board won't let me write + one!