Portsmouth wing-back Matthew Taylor has been informed he can leave Fratton Park in January.
Redknapp told the Portsmouth News: "I know how he feels. He is a very good player and I want to keep him here but if a big offer comes in I wouldn't stand in his way.
"Matty is a good lad who trains hard and gives everything and if he was happy with just being on the bench and playing in the reserves I wouldn't want him here with that attitude anyway."
Reading and Fulham have already been linked but Taylor, who can also play left back, would command upwards of a £4million transfer fee.