Despite winning four Champions League titles with Real, Bale divides opinion due to a perceived lack of commitment and a poor injury record. He seemed set for a move to Chinese club Jiangsu Suning last year before the deal fell through.
“He has a very nice lifestyle. I don’t see why he doesn’t see his career out at Madrid probably,” Barnett told the BBC.
“It’s his life that he wants to lead. Financially, he will want for nothing the rest of his life, and his children and grandchildren.
“He’s won nearly everything in the world, except the World Cup, but unfortunately he plays for Wales so some things are beyond him.
“So he’s won everything else, to come back and play (in the Premier League) would be unbelievable – a big thing.
“I don’t think he wants to do that at the moment. He’s quite happy to play at Real Madrid.”
Real host Eibar on 14 June when La Liga resumes after a three-month pause due to the Covid-19 pandemic.