Redknapp was sacked by Birmingham City last month following a run of six straight defeats which left the Blues in the Championship relegation zone, although he quickly announced his desire to get back into the game.
The 70-year-old also suggested that he would like to help a young manager find his way in the game, and 37-year-old Way has now approached the former Tottenham Hotspur boss with an offer to do exactly that at Huish Park.
"Harry has been in the game a long time and is someone I highly respect for all the experience he's gained and achievements he's accomplished," Way told the club's official website.
"I'm still starting my journey in management and feel the opportunity to bring in someone like Harry to offer advice and pass on his knowledge is a no-brainer.
"There's no pressure or long-term commitment from either side, but I'm looking forward to having Harry at Huish Park and we welcome him to the club."
Yeovil currently sit 17th in League Two with 12 points from their opening 11 games.