The Welshman is on the brink of a world record £86m move to Los Blancos and failed to attend training on Tuesday in an apparent attempt to force through the move.
However, Taylor has defended Bale and said that Spurs should let the 24-year-old leave with their best wishes.
"Players have, invariably, just the one career, it's, usually, a relatively short career, and here a player has such a tempting offer to play for one of the world's greatest-ever clubs," Taylor told Zapsportz.com.
"Surely nobody could deny him that right, to play for such a club, with all due respects to his present club. The game is all about money. Of course, it always was, but much less of it in the past.
"Now we are talking about incredible numbers, but for the player it is also an opportunity to play at the pinnacle of the game."