The Colombian has completed a loan move from Monaco but is unlikely to be a first-team regular, according to the Sky Sports man.
The Colombian forward completed a season-long loan move from Monaco earlier this week, becoming the Blues' first signing of the summer transfer window.
He, of course, spent last season on loan at Manchester United but failed to impress at Old Trafford. And Redknapp says he will spend next season on the bench behind the Blues' first-choice forward Diego Costa.
"He’s going to find himself on the bench an awful lot next year," Redknapp told Sky Sports News HQ.
"He's gone to Chelsea and probably what Chelsea need is a striker that's going to be happy not to play, and maybe have to fill in at times when there is an injury, because you look at the players he's going to be contending with like Diego Costa, who is going to be first choice."
A struggle for second-choice striker
What Falcao arguably needs is a run in the first team to get back to his best, although that is unlikely to come at Stamford Bridge.
In fact, given Falcao’s struggles last season, he may even fail to be second choice for Jose Mourinho next season.
While it is unlikely he will replace Diego Costa as first choice given the Spaniard’s impressive first season in England last year, he will also face competition from Loic Remy for a place on the bench, with the Frenchman having been a reliable back up for the Blues last year. And, if Remy leaves, another striker will come in.
It may, then, be quite some time before we see Falcao at the prolific level he enjoyed for Porto and Atletico Madrid in the past.