Spurs are currently third in the Barclays Premier League after an excellent run of one defeat in 17 matches left them just six points off leaders Manchester City at the half way stage. And a five-point advantage over Chelsea will increase further if they win their game in hand against Everton on Wednesday.
Redknapp concedes, however, that Spurs are fighting a losing battle against Chelsea off the field, as the Blues close in on a deal to bring Bolton defender Gary Cahill to Stamford Bridge. He said: "It's difficult trying to beat Chelsea if you're going for the same player, because their wage structure would be on a different level to ours."
He added: "If you're in for the same player, they'll blow you out of the water. I like Cahill, he's a good player. But if you make him offer, then Chelsea can give him more.
"You can't really compete in terms of making him an offer. That's the problem. You are competing, trying to finish above them, but it's not easy."
Tottenham's title tilt may be hindered in the second half of the season by a number of injuries. Redknapp has confirmed that Sandro and William Gallas both suffered calf tears in Tuesday's 1-0 win over West Brom, and the Spurs boss is already without Scott Parker, who is struggling to overcome a knee injury.
That has left him with two fit central midfielders - Luka Modric and Jake Livermore - while he is also short in numbers in defence, with Younes Kaboul, Sebastien Bassong and Michael Dawson his only fit centre backs.
Redknapp recently played down suggestions he would be active in the January transfer window, but he now concedes his current injury situation may force him in to the market.
"Injuries are a problem," Redknapp added. "Parker, Sandro, and Modric looked great as a three in midfield, but then I suddenly lost my two powerhouse players and it doesn't quite look the same. It's something we have to look at really. We are short there and in defence.
"Sandro and Gallas both have calf tears. I don't know how long they will be out for."
Source: PA
Source: PA