Milito is currently the top scorer in Serie A, and Redknapp had been hoping to lure the 29-year-old to the Premier League in a bid to ensure Tottenham never start a season as badly as they have done this campaign.
Redknapp's predecessor, Juande Ramos, failed to land Milito last summer with a bid of £14 million and, according to Genoa president Enrico Preziosi ,Tottenham are setting themselves up for another disappointment.
Related ArticlesPavlyuchenko linked with ChelseaHuddlestone fears Spurs exitDrogba considers Chelsea stayAncelotti back in Chelsea frameTottenham set for spending spree to replace Robbie Keane and Dimitar BerbatovTottenham linked with Diego Milito"Milito has already turned down Tottenham once," he told the Sun. "The figure of £10 million that they are offering is ridiculous - for that I wouldn't give them his ear."
Meanwhile, Roman Pavlyuchenko has moved to deny speculation that he has become disillusioned with Tottehnam and is looking for a move away from the club.
The Russian forward, who signed last summer from Spartak Moscow, said: "Could I return to Spartak? I can't answer that. But I don't want to go anywhere at this point."
Though his comments put to bed any chance of him returning to Russian in the near future, they, and the fact Tottenham have been looking at other forwards, have done little to curb speculation that Chelsea want to sign him.
Earlier this week, reports suggested that Guus Hiddink had advised Roman Abramovich to make a summer move for Pavlyuchenko, and the prospect of more regular starts could lure the 27-year-old away.
Since his arrival, Pavlyuchenko has scored 13 times in 30 matches, but he is still Redknapp's fourth-choice forward behind Jermain Defoe, Robbie Keane and Darren Bent.