The Argentinian has been suspended for two weeks by the Citizens after refusing to come on as a substitute in their Champions League defeat to Bayern Munich, and Redknapp is not interested in bringing him to White Hart Lane.
"We couldn't afford him, no chance," he said.
"He is a great player, but I can't condone what happened yesterday. It was unbelievable."
The 27-year-old is being tracked by Brazilian side Corinthians while Inter Milan, who made a bid in the summer, could also be interested in his signature.