Bale has been struggling with a hamstring injury that he sustained on international duty with Wales nine days ago, but has travelled with the Tottenham squad to Madrid and looks set to play in Tuesday's first leg at the Bernabeu.
Redknapp said: "Hopefully Gareth will be fit. He is going to train tonight. Let's hope he has no problems and if he is OK then he will play."
Redknapp has revealed, however, that his squad have been hit by further injury problems after Niko Kranjcar suffered a foot injury against Wigan on Saturday.
The Croatian joins Younes Kaboul, Steven Pienaar, Ledley King, Jonathan Woodgate, and Alan Hutton on the sidelines but Redknapp reported good news on William Gallas, who looked all but certain to miss Tuesday's game when his knee injury flared up last week but could now play.
"William Gallas is going to train (on Monday night). Hopefully he will be fit. Steven Pienaar didn't travel. He has a groin injury.
"Niko Kranjcar is struggling with a foot injury. He kicked the bottom of someone's boot on Saturday against Wigan. It is badly bruised and swollen. In fact at the moment we might have six subs on the bench instead of seven."
Source: PA
Source: PA