Redknapp remains the favourite to take over from departed Three Lions manager Fabio Capello following Tottenham's impressive season.
Bale told The Sun: "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. 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.
He said: "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."
Bale, 22, has also been linked with a transfer away from White Hart Lane - and he admits 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."
He added: "If a bid was accepted you would obviously have to seriously consider it.
"But that has not happened so, at the moment, I'm just concentrating on Tottenham."