Holloway, who managed a string of football league teams before moving to Bloomfield Road, has silenced his doubters by racking up victories over the likes of Liverpool, Sunderland and Newcastle with a team that was put together on a shoestring budget.
Redknapp was named Premier League manager of the year last term for his efforts in guiding Spurs into the Champions League for the first time in almost half a century.
"The job Ian Holloway has done there has been amazing, he has been great for the Premier League, a breath of fresh air" Redknapp said.
"The way his team have come and played, the way they go for it, that has been amazing.
"He has got the absolute maximum out of the players and that is the only thing you can do as a manager.
"They have a great spirit there and they are a really attacking side and push people forward.
"Everybody looked at them at the start of the year and said they would be lucky if they got 20 points, and they have passed that.
"They have a big chance of staying up and if he does that he should be manager of the year."