A ruthless 4-0 hammering in the Bernabeu last week left Tottenham facing a huge task to overcome Jose Mourinho's side and make the Champions League semi-finals. No team in the history of the competition has been able to overturn a four-goal margin from a first leg defeat.
"We are in a situation where everyone feels the tie is over but we know we are a good team and can play well here at White Hart Lane," Redknapp said. "We know it will take a miracle but miracles can happen and we have to believe that we can give it our best shot tomorrow and if we play very well, you never know what will happen."
He added: "I went last year to see Juventus at Craven Cottage and Fulham were 3-1 down after the first leg and then went 1-0 down on the night early on.
"They came back and won the tie. It was one of the great games I've seen and shows that anything is possible. You never know with football.
"We have to turn in a good performance and see if we can win the game and we will see where it takes us from there. We will see how it develops."
Spurs came back from 3-0 down in the qualifying round against Young Boys to make the group stages and then almost pulled off a similar feat against Inter, where they fell one goal short of a 4-4 draw after Gareth Bale's superb second-half hat-trick.
The attacking football that Redknapp has employed throughout the competition has endeared the team to many neutrals, but the Tottenham manager admits he may have to rein his team in for the first time on Wednesday, despite the four-goal deficit.
"It's OK saying you're going to attack them but you can't be that open," Redknapp added. "You are playing against world-class players. You don't want to start bombing forward and be ripped open on the counter-attack and get hammered that way.
"You have to be controlled and take the chances when they come and give it our best go."
Source: PA
Source: PA