Redknapp brought Cole through the ranks at West Ham and has been linked with the 27-year-old on a number of occasions since taking charge at Tottenham.
But with Croatian playmakers Niko Kranjcar and Luka Modric already at his disposal, Redknapp played down talk that Cole could be bound for White Hart Lane.
"He is a terrific player but I have a lot of terrific players here," said Redknapp. "When you look at Luka, Niko, Aaron Lennon, David Bentley, I am not short really.
"When you talk about signings of the year, Niko never gets a mention. He has to be right up there.
"What a fantastic signing he has been for us. I paid £2.5million when I signed him for Portsmouth and the same when he came here.
"When I first saw Niko play I thought that he was a terrific technical player. He has been top class since we brought him here."