"He remains as committed as ever to this football club. He recently signed a new improved four-year contract."
Redknapp was also linked with Tottenham last season but has remained with Pompey where he has forged a reputation for being shrewd in the transfer market.
"The club has made significant investments over the last two years in both players and infrastructure and the results that are now being enjoyed are the fruits of those investments," the statement from Pompey added.
"Last season the club finished in its highest position for 52 years and this season we are on course to better that. We have recently won nine out of 10 away games, a club record.
"We are in the middle of the busiest time of the season because of a heavy fixture list and the month-long transfer window and as such this speculation is unhelpful."