Reports on Monday claimed that a number of foreign owners of clubs in the Premier League were hoping to change the format of how the division functions.
Redknapp, however, has described such talks as "scandalous".
"How can you not have promotion and relegation? It is scandalous," he told a press conference. "When the play-offs first came into the Championship and the First and Second Division everybody went 'oh the play-offs' but it has been a fantastic thing, it keeps the league going.
"You can't take away promotion and relegation. That's what our game is built on, competition. What is more exciting than the last day of the season with teams looking to stay up and teams looking to win the championship?"
"We can't have too many foreign owners coming here and wanting change our game."
Redknapp was speaking ahead of his side's Europa League meeting with Rubin Kazan tomorrow evening.