Redknapp admits that any of the Premier League sides will have their work cut out to get the better of Barca and Real - who have both invested huge amounts in their squads over the summer.
"If an English team won it this year it would be a real feat because the two Spanish teams look fantastic," said Redknapp. "With the strength of them this year, if you asked me who the favourites for the competition were, I'd have to say them.
"An English team doing it would be a real achievement but look who they have brought in, it's scary.
"For us it's great experience, something new and different. It's great for the club and the players.
"When they play that music it is fantastic. It's something you always dream of and to be involved in it is brilliant."