Even the new FA chairman David Bernstein is keen to appoint an Englishman to be Three Lions manager.
Redknapp said: "Eighteen months or two years down the line, who knows where you are going to be or who knows how well you'll be doing.
"Football turns week to week. If you have a bad month or six weeks then suddenly it changes. That's how it is. It depends on who's doing well at the time."
"I think it's great for people like Jamie," said Redknapp.
"It's going to be harder for the top players to become managers in the future.
"When you've been earning £100,000 a week, it would be difficult to take over at a Rochdale or Bournemouth where you'll only earn £50,000 a year and take all the aggravation of it.
"It's going to be difficult for them to do that unless they are real lovers of the game."