Tottenham manager Andre Villas-Boas confirmed on Wednesday that Bale could move to Madrid "very, very soon" and that only the finer details regarding the world-record transfer had to be finalised.
But on Thursday night, just four days before the transfer window shuts, Bale still remains on Tottenham's books.
Real and Spurs have sniped at each other throughout the summer.
Tottenham have been unhappy with Real's conduct, most notably their decision to erect a stage at the Bernabeu to unveil a player who did not belong to them.
Tottenham chairman Levy has angered parts of the Real hierarchy with his hard bargaining and the Spanish club's vice-president Fernando Fernandez Tapias accused Tottenham of stalling.
Speaking in A Coruna, ahead of a friendly match against Deportivo La Coruna on Thursday evening, he said: "There are problems but in the end I think it will happen. I thought he was going to be here, but so far he's not in Madrid, although he possibly will be."
As for whether the deal will go through, he said, according to Spanish news agency Efe: "I think so, but I couldn't swear on it. We're going to wait because they are dragging their feet.
"There is no doubting Bale's class, but Real Madrid without Bale is a great Madrid. We have a team of warriors."
Tottenham are thought to be waiting to complete the signings of the two replacements they have lined up for Bale - Christian Eriksen and Erik Lamela - before they allow their star player to leave.