The former Spurs and West Ham boss believes that the game at Stamford Bridge will be close, but he has backed the home team to pick up all three points.
"I would just about go with Chelsea at home," Redknapp said on BT Sport when asked for his prediction. "They normally manage to do Arsenal. It will be a close game, it will be a great game."
Chelsea will head into the game on Saturday on the back of a 4-0 victory over Maccabi Tel Aviv at Stamford Bridge in the Champions League Group G.
That win on Wednesday followed a 3-1 loss to Everton at Goodison Park in the Premier League last weekend.
Arsenal have fared better than their London rivals in the league so far this season and defeated Stoke City 2-0 at the Emirates Stadium last weekend.
However, on Wednesday the Gunners suffered a 2-1 defeat to Dynamo Zagreb away from home in the Champions League Group F.
A single goal at Stamford Bridge could decide the outcome of the Premier League game between Chelsea and Arsenal.