He has not signed a contract and will not be paid, citing his passion for the game as the reason behind his return.
"It keeps me involved. I enjoy watching football and tomorrow, if I wasn't playing golf, I'd be sitting around," he told Sky Sports News.
"As it is, I will go and watch them play Yeovil and I am looking forward to it.
"I love football. I'm a football watcher, I have loved it all my life and it is what I do.
"I will stop and watch kids playing football in the park if I'm passing. It takes me 10 minutes to get to Bournemouth's ground and it's a club that is close to me."
Bournemouth are currently 19th in League One, just a point outside the drop zone, the last place in which is occupied by Redknapp's former club Portsmouth.
While at Fratton Park Redknapp was assisted by Paul Groves, who is now the Bournemouth manager, and he is looking forward to their reunion.
"Eddie Mitchell asked if I'd go along and add some experience to Paul Groves, who I think is an outstanding young manager," Redknapp added.
"I've said I can't commit or give any long-term commitment but, in the next month or two, I am only too pleased to go along. I can't play golf every day."
Groves should not worry about Redknapp muscling in, though, with the latter saying: "Paul has been ringing me asking me to go down anyway. I won't be going in the dressing room.
"This is on a voluntary basis. There is no contract or money and I'll go to games when I can, or pop along to training. I love being involved in football and it's a club I have a lot of affection for."