Bale sat out the 0-0 draw against Wigan because of a hamstring injury which also forced him to miss Wales' defeat by England. However, William Gallas is likely to again be sidelined for the quarter-final first leg match in Spain.
Redknapp said: "Gareth is okay, he has got a chance. He should be fit for the game. As for Gallas he is struggling. Unless there is a big improvement in his knee I doubt if he will be fit."
Redknapp believes having both Bale and Aaron Lennon fit and available will only boost their chances of success against Jose Mourinho's side. Lennon came on in the second half for Rafael Van der Vaart at Wigan and Tottenham had their best spell of the match.
"We are going to need pace in wide positions if we plan to hit Real Madrid on the counter-attack," said Redknapp. "That is what we have been doing all season in Europe.
"I felt when Lennon came on we perked up. He caused them problems then we gave the ball away again."
The best chance of the game fell to Wigan substitute Connor Sammon with two minutes left after he was set up by Mohamed Diame, who also came off the bench. However the former Kilmarnock striker saw his close-range effort beaten away by goalkeeper Heurelho Gomes.
Manager Roberto Martinez refused to be downhearted about Wigan's position at the foot of the Barclays Premier League, even though the team's next three games are all on the road.
"I could not be more proud of my players than I am," he said. "We showed how much we have improved and how far we have come. I felt that off the ball we were outstanding. My players were tactically fantastic.
"The whole team kept Spurs very quiet and I felt we edged a very good game of football. It was just a pity that we couldn't get the goal that would have given us the three points this performance deserved. It is a also a shame the season is not starting now for us."
Source: PA
Source: PA