The Welsh international started in 17 La Liga fixtures in the last term while having only four starts to his name this campaign. The forward has been struggling with injuries, which has forced him to spend more time away from the pitch.
Bale's failure to feature regularly has seen him being linked with a move away from the Spanish capital club. Manchester United were rumoured to be interested in signing him since he left Tottenham Hotspur for Real in 2013.
There were also reports suggesting the north London club could re-sign Bale due to the option in the contract that saw him leave Tottenham for Real. However, Rush wants the ex-Premier League star to snub Spurs and United for Liverpool if he decides to leave Real.
"I'd love to see him at Liverpool though. A world-class player. We don't know what will happen, but it would be great to see him back here [in the Premier League] and at Liverpool," Rush told the Mirror.
"Maybe Tottenham have the first offer [to bring Bale back to the Premier League]," Rush added. "Man United has been talked about, maybe because the goalkeeper [David De Gea] could go the other way?"
IBTimes UK earlier revealed Bale is happy at Santiago Bernabeu and is not looking for a move away from Real. Despite Rush wanting him to snub his former club, the Wales legend has urged his compatriot to continue with his current employers in order to gain "European experience."
"Gareth Bale is a world class player - every club in the world would want him. From a Welsh point of view, I'd like him to stay, to get more European experience. That will benefit Wales. Any English club would want Gareth Bale," the Anfield legend explained.