Following the summer sales of Cesc Fabregas and Samir Nasri, Arsenal have struggled this term, winning just two out of their opening six Premier League games.
Defeats to Liverpool, Blackburn and a humiliating 8-2 hammering at Manchester United left the Gunners lingering above the relegation zone after their worst start to a season in 58 years.
Although they have recently picked up wins against Swansea and Bolton, Arsenal look a pale shadow of the side that last challenged for the title until their spring collapse.
That has many Arsenal fans wondering if, after 15 years of competing for trophies under Wenger, the team are now set for a major decline.
Some fans have questioned whether it is time for a new man at the helm, but Redknapp thinks the criticism aimed at the Frenchman is unfair and expects his opposite number in Sunday's north London derby to remain in his post for some time.
"I don't ever see it happening. I don't see him going. It's not a possibility," Redknapp said.
"He is a top manager. Look at his record. It's fantastic.
"To go through a season unbeaten - what an achievement. Lots of managers have bad times. They come in and then they never have good times.
"He is having a bit of a dip, but he will come out of that. The season has only just started.
"It certainly wouldn't help Arsenal (if he was sacked)
"I don't think it's ever an issue that they would sack him but he is a top manager and they know they are well off."
Arsenal currently languish 13th in the table with the joint-second worst goal difference in the Barclays Premier League.
Redknapp is sure that the Gunners will be challenging for at least a top-four position by the end of the year, though, and thinks they may be aided by the fallout over Carlos Tevez's feud with Manchester City manager Roberto Mancini.
"Arsenal will be up there at the end of the season, for sure," Redknapp continued.
"I think when everybody is fit they are a good side.
"They play fantastic football but have had a bit of a blip but it's nothing.
"When you have problems it can destabilise you a little bit and it maybe a difficult little spell for (City)."
Redknapp last season regularly bemoaned the barracking of bosses on football phone-ins, claiming that managers were being put under undue pressure by impatient fans.
The Spurs manager himself was shocked to come in for criticism from his own supporters last term despite leading the club to the Champions League quarter-finals.
Redknapp has been similarly bemused by Wenger's critics.
"I'm very surprised," Redknapp said.
"It's a fickle game we are in now.
"You listen to phone-ins now and fans ring up saying 'we were rubbish today, we didn't play well' blah, blah, blah.
"They say to them 'you were at the game then obviously.'
"But they say 'no I didn't go to the game. But I did hear it on the radio.'
"Everyone has got an opinion now."
Redknapp goes in to Sunday's clash full of confidence having strung together three successive league wins thanks partly to a shrinking injury list and the positive impact of new signings Scott Parker and Emmanuel Adebayor.
The Tottenham boss has lost just one north London derby in the league since he took over and last season led the club to their first win at Arsenal in 17 years.
"They'll be difficult to beat but we are a very good team as well so I fancy our chances against anybody," the 64-year-old said.
"I am confident in my own team. I just feel we have good players here.
"Scott Parker and Adebayor coming in have made a massive difference to us.
"Sandro coming back from his long-term injury gives us strength.
"He's a fantastic player so we look strong."