Bale’s future in the Spanish capital has been shrouded in doubt for some time and he nearly joined Chinese Super League side Jiangsu Suning last summer before the deal fell through at the last hour.
The former Southampton youngster joined Real Madrid from Tottenham Hotspurs in August 2013 for a then-world record fee of €100m, but after winning four Champions League trophies, one La Liga and scoring over 100 goals for the club, the Madridistas have still not taken to Bale.
With Newcastle United on the verge of a takeover by a mega-rich Saudi-Arabian consortium, Bale has been linked with a return to the Premier League.
Barnett is however adamant that Bale is comfortable with life in Madrid and is not thinking about moving at the moment.
"He has a very nice lifestyle - I don't see why he doesn't see his career out at Madrid probably," Barnett said to BBC Radio 4.
"As I have always said, he's quite happy in Madrid. It is his life that he wants to lead.
"Financially, he will want for nothing the rest of his life, and his children and grandchildren.
"He has won nearly everything in the world, except the World Cup, but unfortunately he plays for Wales so some things are beyond him. So he has won everything else.
"To come back and play [in the Premier League] would be unbelievable - a big thing [but] I don't think he wants to do that at the moment.
"He's quite happy to play at Real Madrid. I have no idea what his value is. His salary is quite high and also where he wants to go is very important in his life."
Bale made 18 appearances for Los Blancos in all competitions, scoring three goals before La Liga was suspended in March.
