The former Tottenham Hotspur boss failed to keep the R's in the top flight last season, as they dropped into the second tier of English football along with Wigan Athletic and Reading.
"Every club has problems at times," Redknapp said in a press conference. "We've made some changes, brought a couple new players in, we're starting to take a bit of shape and we're looking forward to the new season.
"We have plenty of optimism and I think it's going to be a great season at QPR. I don't see why we should be favourites, we're looking at trying to put a new team together.
"I think it's going to be a tough league this year. I think there's going to be a lot of strong teams in the league. I could name seven or eight teams that I think are really going to be excellent."
QPR kick off their campaign with a clash against Sheffield Wednesday at Loftus Road this Saturday.