The Championship outfit announced today that they have been granted permission to build a 40,000-seater stadium in the Old Oak area of London.
"The long term future of the club will be fantastic when it happens," Redknapp said in a press conference. "The board have big ambitions.
"If you want to compete you can't do that in an 18,000-seater stadium. We have got to be in the Premier League to fill it. Hopefully they will both go hand in hand in the future."
QPR are currently second in the Championship table, on level points with leaders Burnley.