The Spaniard has struggled for the majority of his career at the Blues since his £50m move from Liverpool in January 2011, but has scored 19 goals for Rafael Benitez's side this season.
Redknapp wrote in his column in The Sun: "Torres is starting to score regularly again. I don't think he is at the same level he was at with Liverpool, when he was an amazing player, but slowly it is coming good for him.
"Lots of people call him a 'flop' or a waste of money. He is certainly scoring more than any of our England strikers.
"Theo Walcott is the closest we have on 18. Wayne Rooney has scored 16 goals for his club this season. Beyond that there's not much competition for Torres from England — some flop."
Torres and Chelsea are in action later today against Sunderland at Stamford Bridge in the Premier League.