Alli and Grealish have become two of the Premier League's most highly-regarded youngsters, and Redknapp can see similarities in their playing styles.
"Alli is like Jack Grealish at Aston Villa: both of them can play," he said. "They can unlock doors and be creative on the ball. They take risks.
"We need to produce more players like them to succeed at international level. Let’s not go back to the days of overlooking players like them because they maybe aren’t traditionally English."
England have had a dearth of creative talent coming through the system of late, but there is genuine excitement about the amount of number 10's breaking through at present.
Alli and Grealish are just two of a number of promising talents rising to prominence, with the likes of Manchester City's Raheem Sterling and Everton's Ross Barkley also sitting comfortably in that bracket.
Alli has been the centre of attention of late, though, as the 19-year-old has been handed his first call up to the senior England squad.
Roy Hodgson has been impressed by Alli's performance in the heart of Tottenham's midfield, and Redknapp has backed the decision of the Three Lions boss to involve him.
"Roy Hodgson has been brave now by putting him in, even though there is nothing on the line in these two qualifiers against Estonia and Lithuania. It is fantastic," Redknapp says.
Alli will now be looking to show his class on the international stage, and cap off a rapid rise to the top of the game since moving to White Hart Lane from Milton Keynes Dons over the summer.