Redknapp is currently heading an ambitious project that he hopes will bring Champions League football to White Hart Lane on a regular basis and believes Tottenham would be taking a backward step if Levy fails to back him this summer, even if they had to settle for taking part in the Europa League.
Redknapp said: "People say 'If we get in the Champions League we'll buy some great players', but if you don't buy some great players you won't get in the Champions League. That's how it works."
"There shouldn't be two transfer scenarios," he added. "If you want to get into the Champions League again you have to keep improving."
Levy was willing to sanction a marquee signing this winter and is thought to have made club-record bids for Sergio Aguero, Diego Forlan and Giuseppe Rossi in January.
Tottenham's coffers have been boosted considerably since they qualified for the Champions League last season, but there are fears they will not be able to sanction such bids if they do not make up the two-point gap which separates them and fourth-place Manchester City.
The possibility would then arise of Europe's biggest clubs coming in for Tottenham's brightest stars, while attracting players to play in the Europa League could also become difficult for the Londoners, but Redknapp denies that is the case.
"People will come here anyway," he said ahead of Saturday's home clash against West Brom. "They'll see we were in the Champions League last year and want to get into again."
One player who will not be joining this summer according to Redknapp is the newly-crowned Football Writers' Association player of the year Scott Parker. Redknapp lodged a bid to sign the 30-year-old last summer but the emergence of Brazil midfielder Sandro means his interest in Parker has cooled, even though he could be available on the cheap if West Ham go down.
"We liked him but I don't think we ever got close to signing him really," Redknapp said. "They were asking for ?£15million and that's a lot of money for his age, but we have got plenty of midfielders."
Source: PA
Source: PA