The former Real Madrid centre back returned to training this week after spending more than a year on the sidelines.
Redknapp had feared Woodgate would not be able to play this season after a series of operations but he revealed today that the 30-year-old could return to first-team action in two weeks' time and admitted a loan spell could aid his recovery.
Injury jinx: Jonathan Woodgate hasn't played for over a year
Redknapp said: 'I spoke to Jonathan and I said to him that if he comes through the next couple of weeks then it might be a good idea for him to go out on loan to play some matches and I think he fancies that.
Ready for action: Jonathan Woodgate
'He has been out a long time and he is a fantastic centre half.
'Anyone who loans Jonathan Woodgate is getting one of the best centre halves in the Premier League and I would be willing to do that just to give him some games.'
Woodgate's career has been blighted by back and knee injuries and his groin problem restricted him to just three appearances last season.
Redknapp, who signed Woodgate from Middlesbrough in January 2008, admits Woodgate must now prove he is capable of performing at the level which persuade Real Madrid to part with £13million for his services back in 2004.
'If he'd have been out for the rest of the season, I don't know whether he'd come back from that,' said Redknapp, who already has the likes of William Gallas, Sebastien Bassong, Younes Kaboul, Michael Dawson and Ledley King who can play in central defence.
'He has been out a long time but at least he's back training, feels good and looks in good shape. This period is make or break time for him really.
'He needs to get out, play some games and show he's ready to get his career going again.'
You're not wanted in the East End! Hammers chief Brady blasts Spurs Birmingham boss McLeish battling Villa for Tottenham striker KeaneTHE FIRING LINE: Win or bust! West Ham boss Avram Grant running out of gamesAll the latest Premier League team news ahead of the festive fixturesWe must start to beat more weaker teams or risk finishing outside top four, warns Spurs star Rafael van der Vaart Aston Villa v TOTTENHAM: Rafael van der Vaart, Jermaine Jenas and Younes Kaboul back for SpursTOTTENHAM HOTSPUR FC