Redknapp remains the favourite to take over the vacancy.
"We all want Harry to stay but he is a great manager and if England do come calling it's one of those lifetime opportunities that you just can't turn down," Bale told The Sun.
"I wouldn't blame him for going, can you really? You never know if that opportunity will ever come around again."
Bale believes Tottenham can cope without Redknapp should he move on.
"Harry's a fantastic manager who can handle high-calibre players and expectations at the club. If we get a manager like that I dare say it won't make too much difference," he said.
Bale has admitted that a move to one of Europe's top clubs would be hard to resist.
"If you are talking about Barcelona or Real Madrid, two of the biggest clubs in the world, then it's a bit like Harry and England, it's a once-in-a-lifetime dream," he said.
"If you said to any young player that you could play for Barcelona or Real would they turn it down? Probably not."
"If a bid was accepted you would obviously have to seriously consider it," he added.
"But that has not happened so, at the moment, I'm just concentrating on Tottenham."