Redknapp believes that Arsenal should follow in the footsteps of their bitter North London rivals Tottenham.
Spurs recently tied down star striker Harry Kane and key defender Jan Vertonghen to long-term contracts.
“Tottenham were given a huge boost last week with Harry Kane and Jan Vertonghen signing new deals,” Redknapp, who now works as a pundit for Sky Sports, wrote in The Daily Mail. “Now Arsenal must follow suit and get Alexis Sanchez and Mesut Ozil signed up.”
“The fact that Sanchez and Ozil are yet sign sends a negative message to players who are thinking of joining Arsenal,” added the former England international.
“The Premier League is so tight this season — I can equally see Arsenal winning the league or finishing fifth — and it is crucial they tie down their best players.”
Ozil and Sanchez are two of the best players in the current Arsenal team and are genuinely world-class footballers.
For the Gunners to win the Premier League title this season, they will need both the players to be in top form throughout the season.
It would make sense for the North London outfit to hand new contracts to Ozil and Sanchez, as both are playing well and have done brilliantly at the Emirates Stadium so far.
Germany international attacking midfielder Ozil has scored four goals and created 34 chances in 13 Premier League appearances for Arsenal so far this season.
Chile international forward Sanchez, who can also operate as a winger, has scored 11 goals and created 35 chances in 14 league matches for Arsene Wenger’s side so far this campaign.