The 23-year-old is expected to be called up for the tournament in South Africa, which runs from January 19 until February 10, meaning the playmaker would miss tough Premier League games for the Hoops against Tottenham and Manchester City among others.
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The west London side remain winless from their opening 16 Premier League games this season, a new record, and Redknapp is desperately keen to keep hold of as many players as possible in the fight against the drop.
"It's a difficult decision because the manager asked if I could stay,” Taarabt told The Sun.
"I would love to but it's my country so if I say 'No', everybody at home will think I don't want to play - so I think I will go.
"I go to Morocco every summer. If they don't do well, the fans will have a go at me and I don't want that."