QPR are bottom of the table with only four points from 12 games and Hughes paid for the west London club's poor start with the sack yesterday morning.
Redknapp said: "You know what the game's like. I lost my job at Tottenham and Mark Hughes is a top, top manager and a great guy. Sometimes these things happen.
"QPR couldn't get the results they needed. You couldn't have too many worse starts but I'm ready to give it a go and see if I can change their fortunes around. If I can keep them up I'll be the happiest man around.
"There are some good players there but I've got to find a way of picking a team that can win some games."