I know that if I am inside some function foo() which is called somewhere from bar() function, then this return address is pushed on stack.
There is a gcc builtin for this: void * __builtin_return_address (unsigned int level)
See http://gcc.gnu.org/onlinedocs/gcc/Return-Address.html
On some architectures, you can find it on the stack relative to the first parameter. On ia32, for example, the parameters are pushed (in opposite order) and then a call is made that will push the return address. Remember that the stack almost always (and on ia32) grows downward. Although technically you need the ABI or calling conventions (sometimes called linkage conventions) for your language and hardware platform, in practice you can usually guess if you know how the procedure call machine op works.
The relationship between the first parameter to a function and the position of the return address on the stack is far more likely to be a reliably fixed value than the relationship between a local and the return address. However, you can certainly print out the address of a local, and of the first parameter, and you will often find the PC right in between.
$ expand < ra.c
#include
int main(int ac, char **av) {
printf("%p\n", __builtin_return_address(0));
return 0;
}
$ cc -Wall ra.c; ./a.out
0xb7e09775
$