The Bluebirds are reportedly in the frame to land the Manchester City misfit on loan, with Bellamy admitting he would consider dropping down to the Coca-Cola Championship to reignite his career.
Tottenham boss Redknapp would love to sign the Wales captain but reckons there is no chance of City handing him over to one of their main rivals for a top-four spot in the Barclays Premier League.
New Fulham manager Mark Hughes is also chasing the 31-year-old, and Redknapp believes Craven Cottage is a more likely destination for Bellamy.
Redknapp said of the prospect of Bellamy joining Cardiff: "Good luck to Cardiff but it would be a waste of an outstanding player.
"He should stay in the Premier League for sure."
Redknapp, who lost out to City for Bellamy's signature 18 months ago, added: "He's a Premier League player - a top Premier League player in my opinion.
"I think someone's going to have to end up buying him probably. Unless Manchester City do decide to end up loaning him to a club like Fulham.
"I couldn't see them loaning him to someone like us."
Source: PA
Source: PA