The German giants lost to Barcelona 3-0 in the first tie of the Champions League semi-final on Wednesday night. Bayern also suffered an embarrassing 5-0 aggregate defeat at the hands of Real Madrid at the same stage of the competition last year.
Guardiola took over the Munich giants after they won the 2013 Champions League under Heynckes and even though he has won consecutive Bundesliga titles since taking over, Europe still proves to be a thorn in his side in Bavaria.
Speaking as a pundit on Sky Sports, Redknapp said: "Guardiola is at a club where you're under severe pressure if you lose any game. It's now full-on.
"When he took over from Jupp Heynckes, we all felt that it was the dream job taking over a club that has just won the treble. But he hasn't taken them to the next level. If anything it looks like they're going backwards."
"When you take over from a team that has won the treble, it makes it very difficult indeed. He's got a lot of rebuilding to do it seems to me. There's certainly pressure, it is going to be difficult for him now."
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