Cottee, who worked under the 65-year-old during their time together at West Ham, claims Redknapp's hands-on approach will work wonders in west London.
"QPR had to make the change, they needed someone like Harry Redknapp to come in there," he told talkSPORT. "They were going to go down without a doubt.
"Harry Redknapp gives players confidence. He gets on the training field and coaches players. He inspires them.
"QPR have as good a chance as anyone of staying up. I know they're five points off safety but they've got a real chance."