The QPR boss is concerned that clubs and agents are "fighting for big money" during the January window and fears that the climate could threaten his swoop for the Nigerian
The 65-year-old admitted on Monday that he was unsure of his side's ability to secure the forward's signature and has now claimed that clubs and agents "fighting for big money" is not helping matters.
"This transfer window, I have never seen anything like it," Redknapp told reporters. "Every agent seems to be trying to screw each other. It's a bit like ice-cream sellers. Someone has nicked their pitch in Glasgow! Someone's going to shoot them or something.
"It's like gang warfare out there - it's scary. If you're trying to get a player another agent will try to scupper that deal if he's not involved in it to try to get you to have one of his.
"It's unreal, unbelievable. They're all fighting for big money - that's the problem."
Odemwingie handed in a transfer request on Friday to try to secure a move away from the Hawthorns, only for West Brom to reject QPR's latest bid of 2 million pounds.
However, Redknapp has underlined his stance of refusing to pay more than 3 million for the Nigeria international, with the transfer window set to close on Thursday
"As much as the boy wants to come or doesn't, I wouldn't be paying [more than he is worth]. There is a value I think he is worth and I would be saying don't pay any more for him," the Rs boss added.
"I have not spoken to anybody, I've left it to the chairman. We made an offer, two offers. If they don't accept them, what can you do? It's end of story."
Another player who Redknapp is reportedly chasing is Toulouse midfielder Etienne Capoue, after previous target Moussa Sissoko opted to join Newcastle instead, but the Englishman fears that a move could prove too costly for the relegation-threatened side.
"He's expensive. Maybe too expensive for us," Redknapp conceded. "But I like him, I watched him against last week. The money they are asking is quite expensive for us so it would be a problem."