The Spurs manager has dismissed rumours linking him with a move for the Spanish striker despite Andre Villas-Boas' side still being linked with his Croatian playmaker
Chelsea are rumoured to still be interested in signing the Croatian after having a number of bids for him rejected last summer but Spurs will be reluctant to let such a vital player leave the club as they chase a top four finish.
Torres has only scored four times this season and has been linked with a cut-price transfer to a number of clubs less than a year after joining the Blues for £50 million but Redknapp has rubbished rumours of a move to White Hart Lane.
"No I have never heard that one," he told Sky Sports News.
"I think Torres is starting to look the player that we all know he can be, the player he was at Liverpool - he is a top player no doubt that about it.
"But there is no way he is coming to Tottenham and no swap deal in the offing for Luka Modric, I think they will get the best out of him."
Modric has been a key player for the club since joining from Dinamo Zagreb in 2008 and the Spurs boss is confident that a new deal can be agreed for the Croatia international.
He continued: "I don't know where they are but hopefully the chairman will come to agreement and he signs a new contract, he has got a long contract anyway."
Redknapp saw his side held at home by Wolves on Saturday afternoon and after the game confirmed that he would be travelling to France to watch long-term Spurs target Loic Remy during Marseilles’ clash with Lille.
He added: "I am off to watch Marseille, I am going to go and have a look at him [Remy], we have had reports - I watched him 18-months two years, ago I doubt anything will come of it but we are looking."