The 33-year-old French international left rivals Chelsea to join Chinese club Shanghai Shenhua this time last year.
However, Anelka looks set to end his time in Far East following a pay dispute and Redknapp has confirmed his interest in bringing him to Loftus Road.
"He is a player that is of interest to anybody," the Rs boss said. "I think he is finishing in China so he is available.
"It is what you can do, whether you can afford these players, what they are looking for, whether they are reasonable, whether you can deal with them and most importantly whether you think they can do the job you want.
"He is a top player so he is a player we would be interested in, but whether we could afford to get anywhere near I him I am not sure.
"I think the chairman knows Nicolas' people and that so has got a few details on what it would be.
"It depends, as I say, just how expensive the whole package comes to. If it is within reason, he is a player that could certainly improve your team. There is no doubt about it."