The 36-year-old midfielder's contract with LA Galaxy ends in November, and the former England captain has experience with the North London club after training with the first-team squad last winter.
The former Manchester United and Real Madrid player has also been recently linked with a move to Premier League newcomers Queens Park Rangers.
"He's definitely still good enough to play in the Premier League," Redknapp told The Sun. "His game was never about pace so whether he's quick or not isn't an issue.
"David's unique quality is his use of the ball and his ability to pick out a player with a pinpoint pass.
"He is worth his weight in gold, he'd be an asset for any club. I'd have him here, that's for sure."
Spurs are currently bottom of the Premier League and will be looking to secure their first points of the season away at Wolverhampton Wanderers on Saturday.