The Tottenham manager, whose side beat Arsenal at the Emirates yesterday, insists it is the most open title race in years.
Redknapp said: "They (Chelsea), for me, would still be slight favourites over Manchester United, Arsenal, then Manchester City, Tottenham come into the reckoning.
"Liverpool are starting to put a run together, Aston Villa, whoever, it's open for somebody. If everybody believes you've got a chance then you've got a chance. If you think you're never going to do it then don't bother.
"Chelsea have got problems in so much as they've lost (Frank) Lampard, they've lost 20 goals a year from midfield. They've had John Terry missing, last week they had Alex missing as well at the back, they've had Essien missing.
"You take your best players out and you are obviously not going to be quite as good. Chelsea have had a problem with that. But when it comes to handing out the trophies, be it Champions League, be it Premier League, Chelsea will be right there again this year."
Source: PA
Source: PA