The 65-year-old Hoops boss remains wary of getting involved in a bidding war for the France international's signature as he seeks to add to his squad during the January window.
The 22-year-old France international has attracted interest from the likes of Arsenal and Tottenham in the past after carving out a burgeoning reputation for himself back in his homeland, but a series of incidents off the pitch have seen plenty of big clubs withdraw from chasing his signature.
"We're still working on it, you need to get deals done quickly. The longer it drags on the more people get involved, he’s good value," Redknapp told reporters.
After taking the lead through a first half goal from Loic Remy on his debut for the club, Joe Cole's equalizer in the second half ensured that honors remained even at Upton Park, with Redknapp revealing that his side came close to signing the playmaker from Liverpool earlier in the window.
"I wanted Joe and I think we could have had Joe," he said. "We were talking to him three weeks before West Ham even came on the scene but it just went on too long. Once West Ham came in for him he was only ever going to go there, this is his club. But the deal just dragged on too long.
"Sometimes with deals you have to get them done quickly and once others get alerted it can change. He had some bits and pieces to sort at Liverpool which held it up."