Redknapp will operate on a tight budget but look to make moves that will boost their bid for Premier League survival.
“If you want to go and spend £30million on [Sergio] Aguero or [David] Silva then you know what you’re getting. They’re not gambles. They’re certainties,” he said.
“[You can] go and buy Rafa van der Vaart or someone then you know what you’re getting. That’s how the game works.
“[Santi] Cazorla is not a gamble, but when you’re dealing in the other end of the market you’re always taking chances because you’re not paying big transfers fees.
“I’m going to be taking some chances in the window. Hopefully they’ll come off but there’s no guarantee because I’m not going to be able to pay £25-30million for a guaranteed [Robin] van Persie or some fantastic player with great character.
“I’ve got to take some gambles. Some will work – hopefully they all work – but some won’t work. That’s the chance you have to take.”