Redknapp said: "He's done an incredible job. For me there are two candidates for manager of the year, him and Roberto di Matteo at West Brom. Whoever does best in the rest of the season will get my vote.
"What (Holloway) has done there has been a miracle. He's full of enthusiasm, bubbly, a great character. He's got his team playing fantastic football and getting great results.
"No-one saw them having a chance to survive this year. Everybody said they would be lucky if they got 20-odd points.
"They have gone away from home to places like Liverpool and turned teams over - gone to Stoke last week and got a win. They have a go, they attack, get after teams."