Everton have reportedly put a big asking price on the Belgian striker.
Everton's Romelu Lukaku on the bench
The striker has been heavily linked with a move away from Goodison Park this summer as he seeks to play for a team in the Champions League.
However, the Blues are not keen on losing their star man, especially after he scored 25 goals in all competitions last season.
Everton's Romelu Lukaku looks dejected
They sought to stop him leaving this summer by slapping a £65 million asking price on his head, according to the Mirror.
Redknapp has questioned that reported price though, saying he does not believe the Belgian is worth such a lofty fee.
“People are talking about Romelu Lukaku now being worth £60million. Is he really?” he told the London Evening Standard.
“Not on what I’ve seen at Everton or with Belgium during this tournament. Lukaku has a lot of potential but you wouldn’t say a player of his ability should cost that much.”
Belgium's Romelu Lukaku misses a chance to score
It now remains to be seen whether any club would be willing to pay that price for Lukaku this summer.
It is a lofty price to say the least and it is hard to imagine that any club would consider it a deal worth pursuing.
As Redknapp suggests, his indifferent performances at Euro 2016 are not likely to have convinced potential buyers either, all of which will come as good news to Everton.
New manager Ronald Koeman during the press conference