The two Real Madrid stars rose to prominence at Spurs before sealing big-money moves to the Bernabeu several years back.
Uncertainty clouds their futures following a difficult season for Madrid, as Zinedine Zidane reportedly plans a mass overhaul this summer.
And Allen has told his former club to consider re-signing the pair.
“There was an opportunity in the January transfer window to bring in an old head, someone who’s won.
LATEST TRANSFER NEWS
Solskjaer told by pundit he must use Pogba to send message out to Man United squad
Real Madrid plot £125m Paul Pogba bid after he reveals Zidane ‘dream’
Pogba linked with £125m Spain switch, Hudson-Odoi offered huge wages by Chelsea
“It’s something that Mauricio [Pochettino] is a little bit adverse to, something that they haven’t considered.
“But this summer, why not go and bring Gareth Bale back?
“Gareth is now a highly-experienced winner, he’s won the Champions League, he’s an outstanding talent.
“He would be welcomed back by absolutely everyone concerned and connected with Tottenham.
“Even Modric – having worked with both of those players, knowing the characters they are, the type of players they are – I think they would be invaluable signings for the football club.”
Tottenham recently became the first Premier League club in history to go two-consecutive transfer windows without making any signings.
Increasing costs surrounding their new £1billion stadium have left the club reluctant to spend on fresh talent.
Nonetheless, Spurs find themselves in the quarter-finals of the Champions League and third in the Premier League.
But the same questions about their winning mentality will continue to be asked if Pochettino fails to deliver the first trophy of his five-year reign.
LIVE on talkSPORT
talkSPORT is your home of live football! Here’s what’s coming up on talkSPORT and talkSPORT 2…
- West Brom vs Birmingham (Friday, 8:00pm) – talkSPORT 2
- Brighton vs Southampton (Saturday, 3pm) – talkSPORT 2
- West Ham vs Everton (Saturday, 5:30pm) – talkSPORT
- Middlesbrough vs Norwich (Saturday, 5:30pm) – talkSPORT 2
- Portsmouth vs Sunderland (Sunday, 2:30pm) – talkSPORT 2
Bale and 33-year-old Modric have achieved European dominance at Madrid, lifting the Champions League four times in the last five seasons.
Their wages would be the ultimate obstacle, with Bale currently earning more than triple Harry Kane’s £200,000-a-week.
It is also understood Madrid value the Welsh winger at £150million, while Spurs have never spent more than £42million on one player (Davinson Sanchez in 2017).
Football Index Futures
Become a Football Futures Trader on
Trade £500 RISK FREE for 7 Days.
- Build your Portfolio
- Earn Dividends
- Sell at a Profit!
Get started from just £10 Learn more - join.fifutures.com