Redknapp, who was widely considered favourite to succeed Fabio Capello as Three Lions boss before Hodgson was handed the role on May 1, feels there must have been "more to it" than that, but said it must have been tough for Hodgson and has called on the nation to get behind the team in Poland and Ukraine.
"I think it's a difficult decision for him," the 65-year-old told Sky Sports News. "There's obviously more to it. If it's just football, it's difficult to leave Rio out, obviously, because he's a fantastic player still.
"But that's the decision that's been made and we've just got to get behind Roy and the England team now, with the Euros coming up.
"We're all looking forward to it. It'll be a great tournament, I'm sure, and there's no reason why we can't have a great tournament.
"We've lost some key players. Gary Cahill is much improved. He's going to be an excellent centre-half, with a great future. But Joleon Lescott is also a great player in my opinion, and Phil Jagielka. With John Terry as well, there's plenty of cover there and I'm sure we've got enough central defenders to do the job."