Cascarino said this after Real Madrid manager, Zinedine Zidane, on Saturday confirmed that Bale is close to leaving the Santiago Bernabeu for another club.
Bale was left out of Real Madrid squad against Bayern Munich by Zidane on Saturday.
The 30-year-old has been frozen out by Zidane, since his return to the Spanish capital at the end of last season.
The Welsh international has also drawn interests from Manchester United and Tottenham in recent weeks, but Cascarino believes Bale should return to the English topflight league.
“I think Gareth Bale should come back to these shores [English Premier League], because there are clubs playing an exciting brand of football,” Cascarino said on talkSPORT.
“But unless Gareth gives something back and his demands are not so demanding on a football club where they’re thinking it’s costing us an awful lot of money and yes we’re getting a very good player, then it won’t happen.
“It’s got to be structured differently for Gareth, but he can’t expect to be paid the same sort of money he’s on now at Real Madrid.
“Gareth has to force the issue and come out and say ‘I want to leave Madrid, I don’t want to stay there’.
“He needs to make it clear he wants to be part of something elsewhere, as at Madrid he’s just been banished from the squad.”