The 29-year-old has had to watch most of the season from the dugout, with Redknapp preferring to go with Emmanuel Adebayor up front on his own and Rafael van der Vaart in behind.
Defoe has recently switched agents and has told Tottenham he is unhappy with his lack of game, reportedly alerting the likes of Liverpool, Newcastle and QPR to his possible availability.
The England striker's new agent, Struan Marshall, has close ties to Liverpool and Redknapp says he can understand where the speculation has come from.
However, the Tottenham chief says he doesn't want to lose Defoe and won't be letting him leave this month.
"A new agent comes in and the boy is not playing - I can understand it," he said.
"Our chairman Daniel Levy spoke to his agent who said Jermain is not happy because he wants to play and he has got a few clubs in for him.
"The agent is saying this club wants him and that club wants him - that is how they make their money. They want a move.
"That is how agents work. This is the time of the year where they make their money by trying to shift players. They want to do a deal. They have got to sell somebody. He is not moving anywhere though."