Bale is on-loan at Tottenham to the end of the season.
Jonathan Barnett said: "He's still one of the best players in the world, but he's only got four games left so we will have to see.
"It's a three-party discussion; it's us, Real Madrid and Tottenham. We have our views and we will let them know at the right time."
Asked if there was any chance of a Bernabeu return, Barnett added: "I very much doubt that, but if they want to put him on the bench then that's fine.
"They want to put me on the bench with that salary? That's fine for me as well."