West Ham had also been in the hunt for the experienced forward, but have been pipped to the post by their capital rivals.
Redknapp has hinted that he is prepared to utilise the 31-year-old's experience as much as possible.
"I just thought he's a good player and he can play several positions for us, he can play in a midfield or attacking-midfield role if we want to change our system," he said.
"We've lost Aaron Lennon [to injury] so we haven't got a great deal of width. We can play a diamond formation if we want to and he can be a big player in that system.
"So, yes, we took him on loan until the end of the season to see how it goes."