"We need to wait a little bit to see exactly how progress is made," the sport's 80-year-old commercial supremo told Reuters, adding that he might have to say "bye-bye Bahrain" but a decision was not imminent.
"I suppose we'd be safe by early June or something like that," he said.
The governing International Automobile Federation (FIA) said last month that it had asked Bahrain "to communicate by May 1st at the latest" whether it would be in a position to reschedule the race.
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The grand prix at Sakhir was originally scheduled to be the season-opener on March 13 but was postponed after a bloody crackdown on anti-government protests in the Gulf kingdom.
"Things can change in a couple of weeks...so you don't know," said Ecclestone. "All of a sudden everything might be peaceful in a month's time and they are happy to run the event and so we are happy to be there."
The Briton added that he and FIA president Jean Todt were discussing the situation.
