Redknapp is only interested in reinforcing the squad with quality signings, not buying players for the sake of it.
"The owner would like me in all honesty to go and spend his money and buy somebody who could make the difference," he said.
"But I don't know where that player is.
"I know where they are but they're not for sale - we can't go and buy the people that you'd put your life on.
"Anybody whose got anybody who's real top class, they don't want to sell them at this stage of the season.
"We're not in the situation where we need to panic buy.
"Unless it's somebody who's going to make a difference to the team then we really wouldn't bother."
He added: "We've got good players. We've got players that are getting better, which is great.
"(Gareth) Bale, what a year he's had. Luka Modric, he's just been incredible.
"You've got (Rafael) van der Vaart here now who's come in and, when he's been fit and playing, has just been fantastic."