The Hammers made a blistering start to their campaign, and there was talk of their potential to snatch a European spot.
However, injuries to Dimitri Payet, Enner Valencia and Diafra Sakho of late have seriously damaged their cause.
West Ham have failed to win any of their last four matches, but Redknapp still believes that they will have a bright season.
"West Ham losing Diafra Sakho for a while is a big blow but I still think they will finish comfortably in mid-table," Redknapp said.
"That would be a good season for them with the Olympic Stadium move to come. People may have got a bit carried away after they started so well — beating Liverpool, Manchester City, Arsenal and Chelsea will do that.
"To keep that going would have been impossible but they need their best players regardless. Even Manchester City aren’t as good if you take three or four of their stars out and so why should West Ham be any different?
"Slaven Bilic will be really disappointed to lose Sakho as well as Dimitri Payet but they have got one of the best squads in many years at Upton Park."
West Ham are currently in eighth place in the Premier League table, and they will still be satisfied with their start.
The London club have looked a very dangerous side, and their attacking play has been highly impressive.
Slaven Bilic will be keen to tighten things up defensively as the season progresses, though, as his side have conceded on far too many occasions this season - 21 times in the league to date.
West Ham’s next match comes against Manchester United on Saturday.