Hoddle was sacked from the position in 1999 after making controversial comments about disabled people, but Redknapp feels that he should be given another opportunity when the role becomes available again.
He told The People: "If you ask me who I would like to see when Roy finishes, I would like either Roberto Martinez or Brendan Rodgers.
"Or maybe Glenn Hoddle, who I have a lot of time for. He possibly has unfinished business and has a great football brain.
"He made one or two silly remarks, but he is a really lovely person and he is someone who would come into the reckoning for me."
The 67-year-old also admitted that he feels his chance to become manager of the Three Lions has gone.