The Real Madrid coach is almost certain to leave the Spanish champions at the end of the season after a series of reported fall-outs with a host of influential characters at Santiago Bernabeu.
Mourinho managed Chelsea from June 2004 to September 2007 and won two Premier League trophies in that time, and the Queens Park Rangers boss thinks that a return for the Portuguese could spell another era of greatness for the Blues.
"Should he leave Real Madrid there are only one or two clubs over here which could possibly accommodate him," Redknapp wrote in his column in The Sun.
"Of course, one of those is Chelsea. If Rafa Benitez leaves in the summer, then Mourinho is red-hot favourite to go back to the club where the fans still sing his name, back to an owner with lots of money and back to a squad which only needs a bit of tinkering with to become world class again.
"Look where he has been and what the clubs are like once he leaves. Inter are now a shadow of what it was when he was there. Chelsea have never been the consistent force they were in his day."
Mourinho has led los Blancos to the Copa del Rey final this year and the club are in the draw for quarter-finals of the Champions League, which will be made on Friday.