Pienaar’s contract at Everton is up in the summer and the midfielder has been subject of much interest from Premier League clubs as well as others across European.
Everton boss David Moyes revealed earlier on Sunday that the club had accepted a bid from Chelsea and rejected a bid from Tottenham.
The bid from Chelsea is thought to be in the region of £3million and, while Redknapp admitted the club were still interested in signing Pienaar, he believes they will not match that amount.
“We were interested in him but I see Chelsea have offered £3million,” he said, according to talkSPORT.
“That would make it difficult for us to compete with that money for him.
“They agreed a fee with Chelsea apparently for £3million then that’s probably a bit more than we want to go to.”
Redknapp refused to completely rule out a deal for Pienaar though and stated it would be the chairman, Daniel Levy, who will be dealing with the negotiations.
He added: “I don’t know what will happen there. The chairman deals with it, I haven’t been involved in it at all.
“He’s a player we like but he belongs to Everton at the moment but I think they would sell him perhaps if we agreed a fee.”
Spurs have allowed David Bentley and Kyle Walker to leave the club on loan this month and Robbie Keane is expected move, but they are yet to add any players to their squad.
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