Hoddle was only appointed as a first-team coach at Rangers last week and Redknapp hopes that he will play a big role on their return to the Premier League, but has stressed that he would not stand in the 56-year-old's way if he wanted to move on to take a managerial post at Palace or elsewhere.
"I'm hoping obviously he stays, but football is football," Redknapp told Sky Sports News. "I brought Steve McClaren in, Steve Cotterill, they all went off and managed other clubs, so I'm hoping Palace appoint someone else very quickly.
"I'm delighted to have Glenn here, but listen if it's something he wants to do, there's nothing we can do.
"If that's what he wants to do, but I'm hoping he stays with us because I really want him to be part of our team this season."
QPR travel to face Tottenham Hotspur on Sunday.