Two straight defeats and a draw with Tottenham Hotspur last weekend has left the Gunners eight points behind league leaders Leicester City with only nine games remaining.
Regardless of what Arsenal do, and they will slip up again between now and the end of the season, seven Leicester victories means its curtains for Arsene Wenger’s side which illustrates the task in hand.
Redknapp, however, still feels there are twists to come and refuses to rule out the North London club.
“There's a lot of negativity around Arsenal and Arsene Wenger in the press and in the stands at the moment but they can't be ruled out of this title race,” Redknapp wrote.
“In fact, I think their result at White Hart Lane could have changed everything for them. If they were beaten at Tottenham, it could have been so damaging to the manager and the players.”
“They will drop points and slip up. But this season is like Rocky I, when they're knocking each other down and getting back up again. The last team standing will lift the trophy.”
Aside from having to make up ground on Leicester, Arsenal’s task is made all the more difficult considering they have an extremely tough run-in whereas the Foxes’ fixtures in contrast look more straightforward.
Arsenal have to travel to Everton, West Ham United and Manchester City on the penultimate game of the season, the latter being Manuel Pellegrini’s last home game in charge of City.
One saving grace for Wenger is they are on course for a third straight FA Cup success, as victory at home to Watford this weekend will cement their place in the semi-finals and pen in another trip to Wembley.