The Scotland international joined the Black Cats from Spurs in January in an agreement which keeps him at the Stadium of Light until the end of the season.
Hutton found himself out of favour at White Hart Lane when a series of injuries forced him out of the side and Redknapp signing Vedran Corluka established himself as the club's first choice right back in his absence.
The former Rangers defender suffered a fractured foot during Spurs' pre-season tour of Spain, which kept him out of the first ten games of 2008-09 season.
Hutton's return to the first team fold only lasted seven games before suffering the same injury again. The Scot consequently found himself out of the reckoning and moved to Sunderland to get regular first team football.
Black Cats boss Steve Bruce has made it known he is keen to make the 25-year-old's temporary stay on Wearside a permanent one. And this latest development is sure to infuriate Bruce.
I think Newcastle want him, so they tell me, said Redknapp.
Apparently he has been talking to them. He's not supposed to be, but that is what I've heard.
Former Spurs boss Juande Ramos signed the Glasgow born defender in January 2008 for £9m and Redknapp says he will only be allowed to leave the north London side should the club recoup a large amount of that transfer money back.
The good news for Sunderland, of course, is that Newcastle owner Mike Ashley is unlikely to spend big at the end of the season if you take into account United's spending on players in the current campaign.
Redknapp added: We will only let him go if we get an awful lot of money for him, otherwise he comes back to Tottenham.