Ahead of Wednesday night's top-four clash between the two clubs at Eastlands, Redknapp said City had threatened to blow Tottenham's bid for Wilson Palacios out of the water in January last year unless they stood back and allowed the Blues to sign Bellamy from West Ham.
In the end, the Bellamy deal did go through, and Palacios moved to Tottenham from Wigan as Redknapp wished.
Yet City deny there was any coercion involved.
Acutely sensitive to a theory they are using the huge amounts of cash at their disposal to shove other clubs aside in a bid to claim a place at the head of English football, the Blues are looking at whether Redknapp's claims merit further action.
Although the club are making no statement on the matter, it is understood their legal team are looking into the comments.
Whether that will involve a formal process being launched seems unlikely, but it provides an intriguing backdrop to Wednesday night's game, which manager Roberto Mancini has admitted could "change the history" of his club.