Redknapp believes it will be difficult for the Reds to secure a top four finish in the Premier League this season due to injuries and drop-off in confidence.
Liverpool’s defeat at the hands of Everton in the Merseyside Derby made it six defeats in their last nine games. The Premier League champions currently sit sixth on the league log, five points off West Ham United, who sit fourth.
Redknapp has predicted that there will be no quick fix for Klopp’s men this campaign but insists Liverpool will come back stronger next season.
The 47-year-old said on the latest Pitch to Post Preview Podcast: "Teams have found a way. I remember when West Brom came to Anfield, they sat back and let Liverpool get crosses into the box and because they haven't got that focal point of a big striker you end up crossing the ball for the sake of it, not working little balls into the front man, getting runners from midfield… And they have struggled, especially when they go a goal behind, to find the answer.
"They might not finish top four. It wouldn't be a surprise - it's actually more of a surprise if they did finish top four in the form they're in.
"But they'll have to look at this as an exercise. It's not gone well for them but how can they do in the Champions League? Can they win the Champions League and upset the odds and do something incredibly special on that front?"
Liverpool will make a trip to South Yorkshire to face Sheffield United in the Premier League on Sunday.
