The Gunners are fifth in the table, eight points behind Liverpool at the top.
“One of those two will win,” Redknapp said. “That’s not being too clever, though, is it because there’s only Liverpool up there as well with them?
“Arsenal aren’t going to win it this year. I can’t see them coming back into it and winning the championship.
“And I think Liverpool rely so heavily on (Steven) Gerrard and (Fernando) Torres.
“If something happened to Gerrard, I don’t know what they’d do, really. So I still see them being short of Chelsea and Manchester United.”