1:46PM BST 17 Jul 2011
Parker is expected to leave Upton Park as he looks to stay in the Premier League following the West Ham's relegation to the Championship last season and Redknapp has been strongly linked with the 2011 PFA Player of the Year.
Redknapp has never hidden his admiration for Parker and has considered a new move for the 30-year-old after failing to sign him 12 months ago.
However, Redknapp says Tottenham are unlikely to sign Parker due to the prohibitively high finances involved for a player in the latter part of his career.
"If you take into account the fee of around £8 million, signing on fees and wages, you're talking about a £30 million deal," Redknapp said.
"There is no way the club would sanction a deal for a 30-year-old who would have no resale value at the end of his contract."