Wales international Bale sat out the 0-0 draw against Wigan on Saturday with a nagging hamstring strain which also caused him to miss the defeat by England in a Euro 2012 qualifier.
Raring to go: Bale is set to start for Spurs in Madrid
But such was Bale's improvement in fitness that he was on the point of getting the call at the DW Stadium, only for Redknapp to resist the temptation.
Instead, the rampaging winger is likely to start in the quarter-final, first leg in Spain, but former Arsenal and Chelsea defender William Gallas is again likely to be sidelined with a knee problem.
Redknapp said: 'I am very hopeful about Gareth. The feeling was if he had have played at Wigan he might have cramped up on his hamstring. So we rested him and hopefully he will be okay for Tuesday.
'I am hoping William will be fit but he is more doubtful. He was not able to train on Friday.'
Revelation: The Wales winger has starred for Tottenham in Europe this season
Redknapp has a defensive headache ahead of the trip to the Bernabeu with Alan Hutton likely to miss the rest of the season as he is to undergo knee surgery, while Ledley King, Younes Kaboul and Jonathan Woodgate are also injured.
Tottenham's progress in the Champions League has been nothing short of remarkable and Redknapp knows they are stepping up a level against Jose Mourinho's side.
Wigan owner Dave Whelan interrupted his press conference to wish him luck and Redknapp said: 'We have a big week and a massive game to come on Tuesday, so we will see how we go.
'Of course it will be a tough game against Real Madrid. We will have to play better than we did at Wigan if we are going to get the result we need there.'
Doubt: Defender Gallas could miss the trip to the Spanish capital
Tottenham's domestic form may have dipped in recent weeks, but they are still in with a shout of qualifying for Europe's top club competition for a second successive season.
Redknapp said: 'In the last four games we have dropped points with three draws and a defeat when you would have thought we would have picked up more.
'It is disappointing but we need to keep pushing on, keep improving. It is tough to win games away from home. Every one is a very difficult game.
'I think the Real Madrid scout must have gone away scared stiff. I did not enjoy the game at all. It was one of those days.'
?Spurs' crisis deepens with Hutton ruled out for the rest of the seasonWigan 0 Tottenham 0: Spurs fail to rise to the small occasionTottenham Hotspur FC news, features and opinion ?Explore more:People: William Gallas, Jonathan Woodgate, Harry Redknapp, Younes Kaboul, Alan Hutton, Dave Whelan, Gareth Bale, Ledley King, Jose Mourinho Places: Spain, United Kingdom, Wales, Europe
Source: Daily Mail
Source: Daily Mail