The former midfielder says the Reds must look to stop the partnership between Romelu Lukaku and Ross Barkley.
The two sides face each other in the Merseyside derby on Sunday, with Everton having started the season strongly and the Reds struggling for form.
Brendan Rodgers’ side beat Aston Villa last time out in the Premier League for their first win in six games, but were held by FC Sion in the Europa League in midweek to quash their optimism.
They have started the season poorly, with them and their manager under increased pressure, and Redknapp says the Toffees will be desperate to stick in the knife in a little further.
“Everton, from their point of view, will be thinking, 'Let's put another nail in their coffin',” he told Sky Sports.
“If you look at the players Everton have got, you would probably put four or five of those players into a combined XI. There are a hell of a lot of good players in this Everton side and it's very hard to pick a winner on Sunday.”
Liverpool must look to nullify Barkley and Lukaku link up
The former midfielder also says that the Reds’ defensive midfielders will have to focus on stopping Ross Barkley’s dangerous relationship with Romelu Lukaku.
Barkley has started the season in fine form, with both goals and assists to his name, while Lukaku was the star of the show as he scored two and assisted another in their 3-2 win over West Brom on Monday.
And Redknapp says that is where the side has developed under Martinez, and it is something that has impressed him.
“Ross Barkley will play in behind the strikers for Everton. From Liverpool's defensive midfield point of view, that's a big job,” he added.
“You've got to try and stop him because the link-up with Lukaku is dangerous. That's where Everton have developed so much under Martinez. I've been very impressed with how they're doing there.”