The 66-year-old took charge of the club in November, but could not save the Hoops from relegation to the Championship.
Others reports have suggested that he may have to take a pay-cut, but Redknapp said that money is not the reason he does his job.
Instead, he is focused on building a team capable of bouncing straight back to the Premier League at the first time of asking.
"I saw in the paper that I'm taking a big cut in wages, but money is not everything to me," The Mirror quotes him as saying. "I don't have to go to work really. It's because I want to.
"I do it because I enjoy it. If I didn't have the hunger, then I wouldn't come to work. I'd stay at home and play golf every day.
"I've enjoyed it here and I'd like to build a team that can get back up because I like the people here, I like the chairman and the fans. I still love the buzz."
QPR's fate was sealed by a goalless draw with Reading last week.