The 47-year-old has struggled with alcoholism for some time, but appeared to be back on track after going to rehab in the United States last year.
However, reports have claimed that the ex-England star was recently hospitalised following a drinking binge while getting evicted from his £3m rented penthouse apartment in Sandbanks.
Redknapp, who lives near Gascoigne in Dorset, has invited the retired footballer to join him at QPR in a coaching role working with the youth players.
"He is a great lad and it is just sad to see how he is looking at the moment," Redknapp said in this morning's press conference. "I saw him about a month ago and I said 'I will pick you up in the mornings Gazza, come training with me. Do a little bit of work with the kids.'
"I would love it if he would do that, if he wants to do it I would pick him up every morning at 5.45am at the end of his road and bring him in. I see Gazza around and I love Gazza, he has got a heart of gold.
"He has probably given his last penny away but that is just how he is. Everyone has tried to help him but the only person who can help him now is himself - everyone has tried."
Gascoigne has sought professional help seven times in a bid to quit drinking.