The West London outfit, who are currently fourth in the Championship table, will fight for a return to the Premier League in the playoffs.
Should they move back into the top flight, Redknapp is hopeful that they can secure the signature of Morrison, who moved to QPR from West Ham United on loan in February.
"We'll just have to wait and see," Redknapp told the Daily Star. "It depends what happens at the end of the season.
"If we get up, surely there would be a chance of keeping him and doing something with him. I don't know what his plans are really. He's just here playing well and we're enjoying having him around."
Morrison has scored six goals in 14 games since joining on loan.