The Spurs manager insists the Frenchman has done an 'amazing' job at the Emirates through consistent Champions League qualification
The Frenchman has come under scrutiny after his side suffered a 4-0 hammering at the hands of AC Milan in their Champions League last-16 first-leg tie, before being dumped out of the FA Cup by Sunderland.
Despite their recent poor form in cup competitions, Arsenal maintain fourth place in the Premier League but are level on points with Chelsea, while Newcastle United sit just one point behind.
Arsenal host Tottenham on Sunday but Redknapp maintains his opposite number is the best man to improve matters at the Emirates.
"They can't do any better than what they've got, can they Arsenal? They can't replace Wenger. He has been amazing the job he has done there. Wenger is top class," said Redknapp.
"Should Arsenal fans be careful what they wish for? Without a doubt. They have had fantastic times. Fifteen years of Champions League football. It's incredible.
"Having said that, let's hope we can make it a miserable weekend for them."
Redknapp dismissed the severity of Arsenal's recent run of results and maintains injuries have played their part in what is likely to be a seventh successive year without a trophy at the Emirates.
"You say they've had a rough patch but they are still bang there. By their standards, yes, but you have to look at all the circumstances of what they've been through this year," said Redknapp.
"They have had injuries in key areas that have hurt them but they will come back next year stronger than ever."
Redknapp highlighted the importance of securing an automatic Champions League place and admitted anything beyond third spot would be a welcome addition.
"It's the most important thing this year to be honest, finishing top club in London," he said.
"I really want to be top London club and at least keep that third place if we can - anything above that is a bonus."