The Spurs boss had been hoping to land the Welsh International as he attempts to bolster his squad for the Champions League this season.
“He’s never going to come here on loan,” admitted Redknapp in the Daily Star Sunday.
“He’ll go somewhere and I would think Fulham are favourites now.
“If we want him, we will have to put up the money to sign him.”
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Summer 2016 is set to be a very exciting time for football fans, as this is when the long awaited Euro 2016 tournament kicks off.
Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.