Yeovil have invited Redknapp to help manager Darren Way in "an advisory role with the first-team".
The 70-year-old was sacked by Birmingham last month as the team struggled at the wrong end of the Championship table.
Former Portsmouth and Tottenham boss Redknapp, however, looks set to make a swift return to football as up-and-coming coach Way looks to tap into his knowledge.
A club statement confirmed Way made the initial approach to Redknapp, who started his managerial career at Bournemouth and has also had spells in charge at West Ham, Southampton, QPR and the Jordan national team.
"With the board's approval granted, Redknapp will be at Huish Park in the near future to meet with Way before attending forthcoming matches and working on a closer basis with the 37-year-old," the statement said.
Way, who took over as Glovers boss in 2015 following a spell as assistant, is looking forward to learning from Redknapp.
"Harry has been in the game a long time and is someone I highly respect for all the experience he's gained and achievements he's accomplished," Way said to the Yeovil official website.
"I'm still starting my journey in management and feel the opportunity to bring in someone like Harry to offer advice and pass on his knowledge is a no-brainer.
"There's no pressure or long-term commitment from either side, but I'm looking forward to having Harry at Huish Park and we welcome him to the club."