The pair - widely regarded as Arsenal's star men - have just six months remaining on their contract, and both players have been heavily linked with a move away from the Emirates Stadium.
Speaking to Sky Sports, Redknapp said: "It is ridiculous that such a big club as Arsenal have got themselves into such a mess with their best players.
"Now, I can understand the Jack Wilshere situation. He's a great talent but whether he deserves a long contract having missed so much football is debatable, so I understand why Arsenal would be nervous about that.
"You see it a lot when a player has six months to go on his contract and all of a sudden he turns into Lionel Messi. So that's a hard one, I get that, but to have Sanchez and Ozil in this situation is just down to mismanagement. It shows you that there is no one at the top of the club making the decisions that need to be made."