Defoe has found opportunities relatively scarce at White Hart Lane of late, with Martin Jol seemingly having decided on Dimitar Berbatov and Robbie Keane as his first-choice strike pairing.
Given his proven pedigree Defoe would not be short of suitors should be ever become available but Portsmouth chief Redknapp, who worked with the player at West Ham, claims he has been priced out of any move for the England
Should Defoe's playing time remain limited, then Redknapp's believes his stock will only continue to fall.
"What Tottenham are asking for him is too much," said Redknapp, who was eager to take Defoe to Fratton Park before the close of the transfer window, in The People.
"He is wasting away there as fourth choice striker.
"It is a waste of a great talent."