Hoilett has become a key player for Rovers under Steve Kean and, with his contract running out in the summer, Spurs and Stoke City have been linked with moves for the Canadian.
Redknapp told reporters: "He is a good player. We have never made any enquiries for him, but he has been an exciting little player this year."
Rovers manager Kean desperately wants to keep his star striker and has asked his club directors to fend off offers for the player.
According to the Daily Mirror, Kean said: "I have spoken to the boy over a number of months. I have left it with the directors to get it boxed off. Hopefully we can get his deal tied up.
"He wants to play for us. If we don't [agree a deal], I'm sure he will have offers. But hopefully we can push it over the line.
"There is bound to be interest, it's not just a performance with him, it's performance after performance. If he is not scoring, he is creating chances."
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