"The owner would like me to go out and spend his money and buy somebody who could make the difference," he said.
"But I don't know where that player is. We're not in a position where we need to panic buy."
Spurs are fifth in the Premier League, five points behind leaders Manchester United, and have reached the last 16 of the Champions League.
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But Redknapp is sceptical that he could lure a player of sufficient calibre to enhance Tottenham's squad.
"Unless it's somebody who's going to make a difference to the team then we really wouldn't bother," he added.
"I know where they are but they're not for sale - we can't go and buy the people that you'd put your life on.
"Anybody whose got anybody who's real top class, they don't want to sell them at this stage of the season."
Several Spurs players, including Robbie Keane, David Bentley and Niko Kranjcar, have been linked with loan moves in January.
Redknapp said Keane was only available for transfer and urged the Irishman to stay and fight for his place.
"He can still play a big part for us," he said. "He's still got fantastic ability and enthusiasm for the game. We'll see what happens there."
Source: BBC Sport
Source: BBC Sport