The 21-year-old has played just seven games in all competitions for the Hammers since the start of December and it has been reported that the midfielder would like to leave Upton Park on loan.
Fulham was Morrison's preferred destination during the January transfer window but the Cottagers failed in multiple attempts to strike a deal and Redknapp confirmed that a loan deal was now a possibility should the Premier League side agree.
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"He is a great talent. He can open doors, make the difference. If Sam Allardyce wants to loan him, we are here."
Allardyce could be happy to send Morrison west across London after he effectively questioned the former Manchester United player's mental fortitude on Monday.
"Ravel is still complaining about the problem that's he had from before Christmas, that he's got a rumbling groin problem," the Hammers manager told reporters. "He says he feels it occasionally. Instead of gritting your teeth and getting on with it ... he's not the type.
"Lots of players throughout the country will be playing with a similar type of injury [about which] the medical team say: 'You can carry on, it's not a problem.'"
Morrison has not started an English Premier League match this year and, with the likes of Andy Carroll, Stewart Downing and Mark Noble fit again, Allardyce warned the young midfielder that it will be tough to get game-time for the rest of the season.
"What he's got to realise is that, now everybody's fit, there's severe competition here, especially with the new players as well," the 59-year-old continued.
"That severe competition brings pressure on the players that are playing in the first team, knowing that, if they perform poorly, they could lose their place."