Raul marked his last day of a 16-year stay at the Santiago Bernabeu on Monday by claiming that he could now be set for a move to the Barclays Premier League.
The 33-year-old is also considering a move to Schalke but Newcastle, Liverpool, Manchester United and Spurs have all been linked with a move for the striker.
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Redknapp told Sky Sports News: "I like Fabiano. I've got other targets, but I'd be a liar if I said I didn't like him, he's a top player. Raul was a great player at Real Madrid, but I wouldn't think he would be a player we would bring to Tottenham. Financially, I don't think it would be possible to do a deal like that."
Fabiano, who scored three goals for Brazil at the World Cup, could leave Sevilla this summer, with the Spanish club thought to be keen to sell the 29-year-old before his contract runs out next summer.
However, any move for Fabiano could depend on whether Redknapp decides to offload Robbie Keane.
Keane slipped down the pecking order at Spurs last season before being offloaded to Celtic for the second half of the campaign.
The Republic of Ireland striker has performed well in pre-season though, finding the net twice in a pre-season tournament in the United States.
Redknapp admits that the 30-year-old's form could lead to him staying at the club, despite stern competition from Peter Crouch, Jermain Defoe and Roman Pavlyuchenko for a starting place.
"He (Keane) was outstanding in the tournament," said Redknapp.
"He scored some goals and ended up getting player of the tournament, and deservedly so. He's in great form. He's here so there's every chance that he will be in the team. He's a top player."
Source: PA
Source: PA