German club Hamburg have joined the race to sign the 33-year-old Holland international, with West Ham and Stoke also interested in the former Manchester United player. Moving to the Bundesliga may lead to a lower salary than Van Nistelrooy would demand if he joined a Barclays Premier League, with a potential £100,000 per week a huge stumbling block for Spurs chairman Daniel Levy.
"We don't pay that type of wages here," Redknapp said. "Daniel, the chairman here, runs a good business and wouldn't be paying that sort of money."
He added: "It would break our wage structure by an awful long way. He's probably worth it and is probably earning an awful lot more at Real Madrid. He's been a great player and could still be that for someone.
"It's a gamble because he has been injured. A fit Ruud van Nistelrooy is world-class but it's a gamble as to whether he's fit. If you have him for 18 months and he's not fit it's a big problem to have a massive wage on your bill.
"But if he plays and scores he can take the club to another level. I've always been a big admirer of him, he's a fantastic player but that sort of basic wage wouldn't be a possibility at Tottenham. Not a chance."
Jermain Defoe, Robbie Keane and Peter Crouch are Redknapp's first-choice strikers at the moment and Roman Pavlyuchenko will be allowed to leave if the club receive an adequate offer.
"I've got four strikers at moment and I don't want five," Redknapp said. "I think I'll end the season with these four, although that could change next week, you never know, but it's more than likely that's how we will go."
Spartak Moscow are interested in signing the Russia striker after selling him to Spurs at the start of last season.
Spartak director of football Dmitri Popov said: "Now everything depends upon Tottenham. If they make just a step in our direction, the problem with Roman's transfer will be solved. Some other teams want to sign him, too. But as far as I know if Pavlyuchenko returns to Russia, he would prefer to come back to Spartak."
Source: PA
Source: PA