The London Evening Standard says Levy has cashed in on players in the past and with Redknapp fearful of a repeat this summer, the pair were understood to be at loggerheads. That prompted a flurry of bets on Redknapp becoming Chelsea manager, forcing bookmakers to slash the odds on the 64-year-old former West Ham boss taking the reins in west London.
But lengthy discussions were held last week and Redknapp is understood to have indicated he will not leave Spurs for Chelsea, who had also registered a firm interest in attempting to lure Spurs' chief scout Ian Broomfield.
Redknapp will still be expected to reduce a bloated squad - with David Bentley, Niko Kranjcar and Sebastien Bassong among those almost certain to leave. Off the field he must contest two charges of tax evasion which could force his absence from the club's pre-season tour to South Africa in July.