The former Anfield midfielder believes Brendan Rodgers would be happy with a point from this weekend's Merseyside derby.
The Reds are struggling this season, with their 3-2 win over Aston Villa last time out their first in six games, with goals a particular worry for the side.
In contrast, Everton have started the season strongly with impressive wins over the likes of Southampton and Chelsea so far, sitting sixth in the table with 12 points from 21.
And Redknapp believes Rodgers would take a point from this weekend’s clash if offered one now.
“Brendan Rodgers will look at this game and think, 'I would take a draw now',” he told Sky Sports.
“With the pressure he's under, this is the sort of game he really won't want to lose. I'm not turning against him because I think he's a good manager, but if you're having a bad run, you don't want to lose a Merseyside derby.”
A victory over Everton could turn Liverpool season around
The former midfielder, though, believes a win at Goodison Park could be a result which turns their whole season around.
Brendan Rodgers is under increased pressure at Anfield as a result of his side once again starting the season poorly, despite them spending big in the summer to try and avoid another disappointing campaign.
And while Redknapp says a win could transform their season, he admits that a loss will ramp up the pressure on not just the manager, but the players as well.
“This is the sort of the game which can turn your whole season around,” he added.
“If Liverpool were to win, all of a sudden the weight of the world is off their shoulders. If they lose, the pressure will be immense, not just on the manager, but on the players too.”