Wright-Phillips has not made an appearance in the Premier League this season, but the 33-year-old winger would prefer to fight for his place at Loftus Road rather than join a team in the Championship.
"He's still here," Redknapp told reporters. "He's in the squad so he's got to keep working hard to try and get in the team.
"He's had opportunities to go out on loan that he didn't fancy. If he's called upon, he won't let you down."
QPR travel to Stamford Bridge to face Chelsea on Saturday afternoon.