"Matty wants to leave," Redknapp told the Portsmouth News. "He wants to move and we have had a couple of clubs in for him.
"But I can't sell anyone until we get some people in.
"As soon as I get some people in who I think will improve the team I will think about selling him. Until then, he won't go. Whether he wants to go or not is not important to me."
"We've spoken to Portsmouth and I think, as far as they are concerned and we are concerned, we've got a deal between the two clubs,” said Bolton boss Gary Megson.
"There's five or six clubs that are interested in the lad and we were talking on Friday.
"I spoke to Harry and he had the game at Portman Road and we had our game, so we said we'd resume talks on Monday."
Redknapp admits he does need to sell the former Luton man.
"I need the money from Matty to get people in," he said. "But I'm not close to getting anyone, so there is no use letting him go.
"We've got 14 players now.
"I wanted people in quickly, but it looks like it is going to be tough. It looks like it could be tight. I'll keep looking but it will be hard to get a loan.
"You are going to get someone who is not getting a game or maybe one of Arsenal's fantastic kids or someone from Spurs.
"But Arsenal don't look like they are going to do that.
"We've tried, for sure. We've made lots of enquiries. But finding people on loan is very difficult."