The duo have played a key role in helping to establish Portsmouth as a Premier League force, but Redknapp accepts that there can be no room for sentiment in football.
"With Sean, we are looking at the end of the year to see what he wants to do with his contract. As for Pedro, I like him, I have no problems with him," Redknapp told The News.
"But it's like everything in football, you bring people in to strengthen your team and your squad. I want to keep improving the team and that's what I have done. It's nothing personal.
"We have got no-one I want to get rid of. There are no players I wish we didn't have here. They are all good players.
"It's rare, really. They are a great bunch of lads, all good players. It is a pleasure to manage them.
"You don't want to get rid of them but it depends if they get better offers and how good the clubs are who want to take them.
"Look at David James. I thought he was a better goalkeeper than Dean Kiely. I know it upset Dean but you can't fault Jamo since he came in.
"I bought in Glen Johnson and Sylvain (Distin) this season, the year before I brought in Sol (Campbell). They've all improved our side.
"It's all about competition for places. You need a squad, that's how football is.
"I don't want anyone to go but it happens."