Spurs were pipped to a place in the competition by Chelsea but their manager is confident his club can still compete for players, while denying an interest in Youssouf Mulumbu
The north London club finished fourth in the Premier League only to miss out on a place in next season’s Champions League following Chelsea’s win over Bayern Munich in this season's final.
Despite this, Redknapp is confident his club can still attract top quality players.
"I think it's overrated what people say about Champions League football and whatever," he told Sky Sports News.
"People would have still gone to Chelsea if they hadn't won the Champions League this year because they know it's a club that's looking to get into the Champions League positions next year.
"They pay fantastic money. If you pay players enough money and you give them good enough contracts and you show that you're ambitious, they'll come to your club.
"Champions League football, because you don't make it one year - it's one year. I think that's an excuse for players who want to leave and get better contracts elsewhere. I don't see that as a real problem.
"I think if the contract's right and they earn enough money, Premier League football is big enough."
The 65-year-old also revealed Steven Pienaar is likely to join Everton after re-joining them on loan in January.
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He added: "Steven Pienaar is a good player. I would think in all honestly he's going to want to stay at Everton. He seems to have produced his best form there. He was unlucky at Tottenham.
"He's a good player, a very very good player. It's just I had Gareth Bale playing on the left-hand side and you can't dislodge Gareth Bale. He's one of the best left-sided players in the world, without a shadow of a doubt.
"If he's going to want to stay at Everton and Everton want him then obviously the deal is going to have to be right for Tottenham, otherwise he comes back to Tottenham."
Redknapp downplayed speculation linking the club with a move for West Brom’s Youssouf Mulumbu, who has announced his intention to leave the Hawthorns.
He added: "I don't really know where that's come from, to be perfectly honest.
"That's certainly not something that I've discussed with the chairman at any time. He's a good player, for sure, but he's certainly not a player we've spoken about."