The 32-year-old has barely featured for Los Blancos this season, making just four starts and three substitute appearances in all competitions.
With his contract expiring in June, it has been inevitable for months that the Wales international would be leaving the Bernabeu.
However, Barnett has confirmed that Bale is in no rush to make a decision on his future, the forward planning to wait until after his country feature in the World Cup playoffs next month.
Speaking to Record, Barnett said: "Gareth is leaving Real Madrid, but we have to wait for what Wales do.
"It all depends on whether his national team qualifies for the World Cup, then we will make a decision, which may vary if Wales go to the World Cup or not."
Bale is being tipped to either sign for hometown club Cardiff City or move to the MLS for the second half of the season.
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