Derby County are expected to appoint a new manager next season, as they aim to earn promotion to the Premier League.
Redknapp was brought to Derby to help inexperienced boss Darren Wassall during his time at the helm.
Wassall was put in interim charge following the departure of Paul Clement back in February.
However, Wassall failed to guide Derby to promotion and he has now expected to be replaced as manager at the iPro Stadium in the coming weeks.
The Rams were beaten in the play offs by Hull City, leaving them searching for a new manager who can guide them to promotion.
Derby are likely to appoint a more experienced boss next time - with Hull boss Steve Bruce reportedly on their wishlist (Daily Star) - but they still want Redknapp to stay on.
Redknapp has apparently impressed the Derby hierarchy with his knowledge since being appointed in an advisory role, and he could now remain in his current position for the long-term.