Cole, linked with French club Lille, could yet be among the additions.
"I love Joe," said Redknapp, who had the midfielder with him at West Ham United earlier in their careers.
"I think he's a fantastic player. The problem with Joe is we've got too many players to fit into our squad.
"There may be three or four out. There won't be three or four in. There might be one or two still. We'll wait and see."