The Championship side have reportedly agreed a six-month loan switch for the 22-year-old Algerian international.
"We are hoping to take him on loan," Redknapp told talkSPORT.
"I'm at the training ground and he is supposed to be here today. When they turn up, then you believe it.
"It's been dragging on for about six weeks this, so I won't hold my breath. We will wait and see."
Belfodil has made eight appearances for Inter this season.