The former Tottenham manager believes Rangers need to win 10 of their last 24 games to stay up, adding results in the coming weeks will decide their January budget
The sacking of Mark Hughes last month gave Redknapp the chance to return to top-flight management, tasked with freeing Rangers from the relegation mire.
But the former Spurs boss believes his new side will need to win 10 games from 24 if they want to extend their stay in the Premier League.
“That’s top form," he told The Mirror. "We’re talking about top six or seven form, that’s what we have to show now.
"It’s like we’ve given ourselves a handicap. We are way, way off. We have given a big points start to everyone and we have to play catch up.
“It will be hard. No-one kids themselves - it will be a difficult task, but not impossible. I feel there is enough here for us to do it.
“The players are the ones that are here, they’re the ones that got us in this mess, they’re the ones that are going to get us out of it. And they can do it.
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“The Villa game will be massive for us because it can help us close the gap and put us on the tails of the teams in front of us. We can’t afford to keep being cut adrift as it will be impossible then. It’s a difficult enough situation as it is. But you never know what can happen.
“The confidence is key, that’s what it’s about in anything in life. I have to get them believing they are very good players and we can win games. That first win will make a difference and kick us off.
“We need to get the players believing they’re good enough and give them a bit of confidence."
Redknapp also revealed that results over the next few weeks will be crucial in determining how much QPR are willing to invest in the January transfer market.
“By the time January comes, we are going to know, basically," he admitted. "We have got to make sure we are not cut adrift and are back in there with a chance.
"What’s the point of the club spending money bringing more players in if you are cut adrift?
“We don’t want that situation - they aren’t going to put themselves in a position where they are overloaded next year with a lot of big wages. What we do in the next six or seven games will decide where we go in January."
One of the many players Rangers have been linked with since Redknapp's arrival is Joe Cole, and the former Spurs boss admitted he still rates the midfielder he worked with at West Ham.
"I've always liked Joe," Redknapp continued. "I signed Joe as an 11-year-old, so no one knows Joe better than me. I still think he's got the talent to be a top player.
"I like him very much – as a person as much as a player – and I tried to take Joe to Tottenham [before he joined Liverpool], but I've not made any inquiries."