The pundit and former manager has been discussing the two Premier League clubs.
Harry Redknapp thinks Leicester City have 'done superbly' but has played down their achievements in the Premier League, attributing their success more to the failings of others, according to the London Evening Standard.
Indeed, Redknapp feels the Foxes are far from 'world beaters' and says they wouldn't be 'anywhere near' the top four around a decade ago.
Leicester were last night knocked out of the FA Cup, while their league form has slowed down in recent weeks.
And Redknapp told the Standard: "The top sides have come back to Arsenal a bit and the biggest indicator of that is Leicester being in the top four.
"They have done superbly but they aren’t world beaters - they wouldn’t have been anywhere near the top four eight or nine years ago when our best sides were reaching semi-finals and finals of the Champions League."
Meanwhile, the pundit also discussed West Brom, giving them a small mention when talking about Chelsea's recent form.
And he feels the Baggies are a side the Blues should have 'rolled over,' despite Tony Pulis's men earning a 2-2 draw at Stamford Bridge.
Redknapp said: "No disrespect to West Brom but I saw their match the other day and you’d expect Chelsea to roll them over at home but they never got close to their best."
Is the former manager right to criticise West Brom and Leicester? It's a debate many have been having about the Premier League of late.
Is it the most competitive and exciting league in the world? Or is it simply a poor division where everyone has dropped in level simultaneously? Very possibly, it could be both...