Redknapp, who has led Tottenham Hotspur to within touching distance of Champions League football next season, has been linked with the vacant England managerial position ever since Fabio Capello's departure over two months ago.
"Harry [Redknapp] is a great manager," said Di Matteo.
"He's been in the football industry for so many years, and he's built a nice team at Spurs.
"It looks like he'll be the next England manager, and I think he fully deserves a chance to lead his country."
Meanwhile, the Spurs boss leads Tottenham against Chelsea in the second FA Cup semi-final clash of the weekend this afternoon.