The midfielder - currently on loan from West Ham - was considered a dark horse for a place in the England World Cup squad before falling out of favour with Sam Allardyce. Since joining up with his current employers, Morrison has featured 15 times - scoring six times in the process - helping QPR secure a play-off spot.
This impressive run of form has been the catalyst for Redknapp's desire to retain Morrison for another season, with the English manager believing success in the play-offs is the key.
When asked if the former Manchester United youth product could stay, Redknapp told Starsport: "We'll just have to wait and see. It depends what happens at the end of the season.
"If we get up, surely there would be a chance of keeping him and doing something with him.
"I don't know what his plans are really. He's just here playing well and we're enjoying having him around."
Redknapp also praised the ability of the playmaker, who won the Sky Bet Championship Player of the Month award: "Talent-wise he's got as much talent as almost anyone I've worked with in all my career.
"He's got great skill, fantastic ability.
"Whether he can produce it like the top players week in, week out, over a long period still remains to be seen.
"It would be a waste of his career and a waste for English football if he doesn't become a top player really because he's got the ability."
Morrison is set to lead the QPR play-off charge, and if promotion is achieved, he may yet secure a coveted place in the England squad for the summer.